Gold hits over 18-month low as dollar flares on Turkey woes

BENGALURU (Reuters): Gold prices fell to a more than 18-month low on Wednesday as the dollar hit an over 13-month peak on demand emerging from concerns about Turkey’s financial turmoil. The greenback, in which gold is priced, has been bolstered by a fall in the euro, 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 the highest since June 27, 2017 at 96.874.

Spot gold was down 0.45% at $1,189 an ounce at 0709 GMT, after hitting its lowest since late January 2017 at $1,185.92.

US gold futures were down 0.47% at $1,195 an ounce.