The gold price ticked higher during Asian trading, but still trades near a nine month low. The gold price fell at the same time the world’s largest gold backed exchange traded funds (ETF’s) experienced outflows for the second consecutive day.

Holdings at the world’s largest ETF, The SPDR Gold Trust, fell to 774.65 tonnes, its lowest level since December 2008. The fund is often used to measure investor sentiment.

On the upside safe haven demand may return to the gold market today following the news the U.S. military and their allies have begun air strikes against the Islamic State in Syria. Typically gold is bought at times of political and economic instability.

The gold price has come under pressure from a strengthening U.S. dollar and speculation the Federal Reserve may start to raise interest rates in 2015. Although, many question if the U.S. economy could really withstand an increase in the rate of borrowing. Total U.S. debt currently stands at $17,752,095,453,111.

Gold is currently trading at £746.32 per ounce, silver £10.87 per ounce, platinum £818.12 per ounce and palladium £498.49 per ounce.