Daily Gold Update

Source: Dr. Bill Musgrave, American Gold Exchange

Austin— Gold rallied 1.1% to close at $1,412 as escalating tensions in the Middle East stimulated demand for safe havens. President Obama won support from the House Republican leadership for military action against Syria, with Speaker John Boehner and Majority Leader Eric Cantor both agreeing to help persuade Congress to vote for limited strikes against the Assad government for using chemical weapons against civilians. In addition, Israel successfully test-fired missiles in a joint exercise with the U.S, igniting regional concerns that an attack on Syria is imminent.

Gold was also supported by a pending miner's strike in South Africa and data suggesting that the global recovery is gaining traction. Manufacturing in the U.S., eurozone, U.K., and China all strengthened in August, spurring demand for gold and silver as hedges against inflation. Silver jumped 3.9% and platinum added 0.7% while palladium slipped by 0.8%

At the Comex close: December god rallied $15.90 to $1,412; December jumped 92 cents to $24.43; October platinum gained $11.10 to $1,538.20; and December palladium PAZ3 lost $5.90 to $717.95 an ounce.