Gold futures on the COMEX division of the New York Mercantile Exchange went down slightly Wednesday.
The most active gold contract for December delivery lost 1.4 dollars, or 0.1 percent, to settle at 1,418.8 dollars per ounce.
But the loss was limited given a possible military strike in Syria. There's nothing like the threat of military action that can bring investors back to gold. Gold price is just consolidating at this level of resistance before moving up further, market analysts hold.
Market analysts believe that gold demand from the Middle East is increasing as a result of tense situation in Syria, in addition to the demand from Asia.
Gold prices have advanced strongly in the past two weeks, and have risen at least 20 percent from the intraday low of 1,180 dollars reported on June 28. In August alone, gold prices have gained 8 percent. But on a yearly basis, gold prices are still down by nearly 16 percent.
Silver for September delivery dropped 26 cents, or 1.05 percent, to close at 24.391 dollars per ounce. Platinum for October delivery rose 8 dollar, or 0.52 percent, to close at 1,540.1 dollars per ounce.