Gold gains as dollar falls amid rising U.S.-Syrian tensions

Investing.com - Gold prices posted strong gains on Tuesday after the dollar dropped amid expectations that the U.S. may unleash military strikes against Syria in response to reports that Damascus has used chemical weapons amid its internal conflict.

Gold and the dollar tend to trade inversely from one another.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at USD1,415.90 during U.S. afternoon hours, up 1.64%.

Gold prices hit a session low of USD1,395.40 a troy ounce and high of USD1,423.20 a troy ounce.

Gold futures were likely to find support at USD1,389.50 a troy ounce, Monday's low, and resistance at USD1,423.25, the high from June 6.

The December contract settled down 0.19% at USD1,393.10 a troy ounce on Monday.

Concerns that the U.S. may launch limited missile strikes against Syria for its alleged use of chemical weapons in its internal conflict steered investors away from the dollar on Tuesday.

U.S. Defense Secretary Chuck Hagel said earlier the military is ready to take action against Syria if called upon by the White House.

On Monday, U.S. Secretary of State John Kerry said the world would hold Syria accountable for using chemical weapons.

Russia and China, meanwhile, have warned against strikes against Syria, while Iran has said a U.S. attack would embroil the region in conflict.

Uncertainty over U.S. military measures sent investors favoring the yen over the dollar, which sent gold prices gaining.

Elsewhere in the U.S., the Conference Board said its index of consumer confidence rose to 81.5 in August from an upwardly revised 81.0 in July. Analysts had expected the index to fall to 79.0.

Also in the U.S., the S&P/Case Shiller composite index of 20 metropolitan areas rose 12.1% on year in June, in line with market expectations.

Elsewhere on the Comex, silver for December delivery was up 2.26% at USD24.598 a troy ounce, while copper for September delivery was down 0.15% and trading at USD3.332 a pound.

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