Alliance News17 Aug 2018 13:37
Gold Heads For Its Worst Week In 15 Months
Fri, 17th Aug 2018 13:16
WASHINGTON (Alliance News) - Gold prices edged higher on Friday but remained on track to post their biggest weekly decline in 15 months as the US dollar slid for a third day running.
Spot gold rose 0.25% at USD1,176.60 an ounce after hitting a 19-month low at USD1,159.96 in the previous session.
The metal was on track to post its sixth consecutive weekly decline, with a 2.8% fall. US gold futures were marginally higher at USD1,184.50 an ounce.
The dollar was little changed against major currencies as the US threatened more sanctions against Turkey over the detention of an American pastor.
The lira weakened more than six % after Turkey's trade minister, Ruhsar Pekcan, said her government would respond to any new trade duties.
Investors also awaited the next developments in the U.S-China trade saga ahead of the trade talks to be held next week.