Gold Prices Fall Despite Softer U.S. dollar
Thursday,
16-Aug-2018
11:20 AM (IST)
Gold prices dropped on Thursday while the U.S. dollar also slid despite higher demand in safe-haven assets amidst the Turkish lira crisis.Gold Futures for December delivery went down by 0.48% to $1,179.2 per troy ounce on the Comex division of the New York Mercantile Exchange.The U.S. dollar index that tracks the greenback against a basket of six other currencies also pulled back to 96.36, down by 0.24% after hitting a 13-month high in the previous session.While traders remain concerned that the Turkish lira crisis might escalate into a new global financial disaster, most analysts believe it would not develop into a full blown crisis as the country accounts for only less than 1% of the world economy.The Turkish lira recovered on Wednesday after Qatar promised to invest $15 billion in the country.
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