29 aug Gold updates - crossed Rs.35074 as Rupee decreased to a record low

Gold settled down -0.92% at 33405 eased after a five-day rally but was still holding near its highest since mid-May, as possible US military strikes against Syria stoked safe-haven buying of the metal. Earlier in the day Gold rallied and crossed Rs.35074/10gms as Rupee decreased to a record low, falling 3.6% in one session, slipping 2.9% in the last trading session, and posting the biggest decline since 1991. The Indian rupee touched an all-time low of 68.74 versus the greenback, adding to signs the currency has plummeted 26.3% since May. While sentiments remain support for Gold prices amid concerns that the US may launch limited missile strikes against Syria for its alleged use of chemical weapons in its civil war despite warnings to avoid like actions from China, Iran and Russia. While British PM David Cameron drafted a UN resolution condemning the use of chemical weapons in Syria while “authorizing necessary measures to protect civilians” on Wednesday. 

moreover the U.N. Security Council was studying draft language, and with a veto possibly to come from Syrian allies Russia and China resulting in a deadlock, US and U.K. policymakers may look forward diplomatic deadlocks and seek ways to justify military strikes without a U.N. mandate. Meanwhile Housing data in the US took a back seat to geopolitical tensions and met muted market response. Also softer-than-expected US economic indicators tend to keep expectations going that the Fed will begin tapering dollar-weakening stimulus measures later rather than sooner, which normally boosts gold. Demand for physical gold in Asia slowed this week as spot prices surged to three-month highs and emerging market currencies plunged.

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