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Gold Falls as Haven Demand Ebbs; Syrian Tensions Subside

Gold prices fell to the lowest in almost three weeks after President Barack Obama asked Congress to delay a vote on U.S. military action against Syria, diminishing demand for haven assets.

Obama said yesterday he would prefer a peaceful solution to the Syrian conflict and that he saw “encouraging signs” of diplomacy ending the confrontation. Last month, gold jumped 6.3 percent partly amid concern that political tension in the Middle East would boost crude-oil prices, damping the economy and stoking inflation.