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Alliance News

Gold Dips As Turkish Lira Hits Record Low

Fri, 10th Aug 2018 13:26

WASHINGTON (Alliance News) - Gold prices eased on Friday and remained on track for their fifth consecutive weekly fall as Turkey's plummeting lira sent shockwaves across the financial community.

The Turkish lira tumbled more than 14% in early trade to hit a new low against the dollar amid a deepening rift with the US and intensifying worries about the state of the economy.

Russia's rouble dropped to its weakest level since late 2016 while the euro and pound hit their lowest levels in a year. The dollar's surge makes bullion more expensive for buyers with other currencies.

Spot gold was down 0.1% at USD1,210.90 an ounce while US gold futures were 0.13% lower at USD1,218.17 an ounce.

Copyright RTT News/dpa-AFX

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