PRECIOUS-Gold down after 5-day rise as Syria attack concerns ease

Gold market update for Thursday, August 29. Gold is taking a slight reprieve following a 5-day rally in which it hit a 3-1/2 month high of $1433. Partly fueling the 5-day rally was concern about an imminent U.S. attack in Syria, but now that anxiety over an imminent attack has subsided, gold is taking a breather and the dollar is strengthening slightly. Ole Hanson, a senior manager at Saxo Bank, comments that the market is probably not looking at “…a major correction” and that gold should find “decent support…” at around $1400. Traders are also eying initial jobless claims in the U.S., as well as revised numbers for 2nd quarter growth. This will provide clues as to if the Fed will begin tightening monetary stimulus later in the year. Read more…