Further, Gero said, European debt issues persist, as well as some of the geopolitical tensions in the Middle East.

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He said if geopolitical tensions escalate that might support gold prices, but only if it starts to affect oil prices.

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So while the world is not running out of hydrocarbons immediately, global energy demand is growing too fast to satisfy without serious price pressures and geopolitical tensions.

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The geopolitical tensions overshadowed an upbeat gross domestic product report, which showed the economy grew 2.5% during the third quarter, up from the initial estimate of 2%.

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On the geopolitical front, fresh violence in Syria this week and rising tensions between Iran and Turkey pushed the market place a bit more toward risk aversion Thursday.

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On the geopolitical front, fresh violence in Syria this week and rising tensions between Iran and Turkey pushed the market place a just a bit more toward risk aversion Thursday.

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He added, though, if tensions escalate in the Middle East that could cause gold prices to rally on geopolitical worries.

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Oil has benefited from flaring tensions in the Middle East this year, with two rallies of more than 15% on geopolitical concerns.

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