Wholesale London prices for physical gold jumped $15 from a drop to $1,384 per ounce Tuesday morning, gaining after the Interfax news agency in Russia reported two "objects" being fired in the Mediterranean, towards the sea's eastern coast.
Gold, silver and Brent oil rose and European stocks declined after reports of missile launches in the Mediterranean. Russian radar detected two ballistic "objects" that were fired toward the Syrian coastline from the central part of the sea.
The wholesale market gold price fell further Thursday in London, falling hard to eight-session lows at $1,587 per ounce following last night's "no change" decision from the Federal Reserve on new US quantitative easing.
Gold climbed during volatile trading in Asia having recovered from the NY close yesterday. In European trading the yellow metal is hovering near the $1,548/oz level. Technically, gold’s trend remains down but gold looks increasingly oversold.
Gold and silver have recovered somewhat from slight falls in Asia overnight. With geopolitical instability looking set to climb and possibility of a military confrontation in the Mediterranean, any sell off of precious metals will likely be tentative.