Embattled gold falls to 18-month low
Bullion slips to its weakest level since January 2017 as the dollar hits a more than 13-month peak on demand emerging from concerns about Turkey
Bengaluru — Gold prices fell to their lowest since January 2017 on Wednesday as the dollar hit a more than 13-month peak on demand emerging from concerns about Turkey’s financial turmoil. The greenback, in which gold is priced, has been bolstered by the euro’s fall, which has been dogged by concerns over the European banks’ exposure to Turkey. The index tracking the dollar against a group of six major currencies hit highest since June 27, 2017 of 96.862 on Wednesday. Spot gold was down 0.45% at $1,188.24/oz at 4.06am GMT, after hitting its lowest since late January 2017 at $1,187.25. US gold futures were down 0.47% at $1,195/oz. "People have preferred to stay away from gold and park their money in other assets," said Hareesh V, head of commodity research, Geojit Financial Services, based in south Indian city of Kochi. "If gold closes below $1,190, prices will extend their fall to $1,150 or even more…. We don’t expect any major bounce back as all fundamentals are negative for gold." ...
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