Gold tumbles on planned US vote over Syria
Gold tumbled in London on Monday, after reaching a one-week low, as a U.S. military strike on Syria appeared to be less certain ever since President Barack Obama said Saturday he would ask members of Congress to back him up first.
After reaching a three-month high of $1,433.83 an ounce on Aug. 28, the yellow metal fell 0.3% to $1,390.31 an ounce by 1:15 pm GMT in London, rallying from as low as $1,373.38, the worst price since Aug. 23.
Bullion for December delivery fell 0.5% to $1,389.80 on the Comex in New York, with analysts attributing the fall in gold futures to a weak global trend and on bets the US Federal Reserve will start to pare stimulus as the economy improves.
However upbeat economic data from China helped gold pare its loss and pull other metals to a gain.