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

15 Agosto, 2018, 14:36 | Author: Arnold Perez
  • Getty Images  Dario Pignatelli  Bloomberg

The price of gold hit its lowest level in 17 months today as investors turned to the USA dollar amid the deepening of Turkey's currency crisis.

Spot gold had dropped 0.3 percent to $1,207.41 an ounce by 0335 GMT, hovering not far from a 17-month low of $1,204 hit earlier in August.

Gold dipped below $1,200 an ounce Monday morning to its weakest point since early 2017.

The index tracking the dollar against a group of six major currencies hit the highest since June 27, 2017 at 96.874.

The Turkish lira fell overnight to an all-time low of 7.2 against the dollar after comments from President Recep Tayyip Erdogan over the weekend failed to calm investors. The higher greenback makes dollar-denominated assets more expensive for holders of other currencies, which subdues demand - a relationship used by funds to generate buy and sell signals from numerical models.

Risks originating from issues in Turkey have driven investors away from normal safe-haven assets such as gold towards currency markets, ANZ analyst Daniel Hynes said.

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She said: "The safe-haven demand that has been triggered by the crisis in Turkey is going into the dollar rather than gold, which has been a trend going on for a while now".

Erdogan said on Tuesday Turkey would boycott electronic products from the United States, retaliating in a row with Washington that has sent the lira to record lows.

This has led to a consolidation in gold through liquidations in exchange-traded funds (ETFs) and record level of short positions. Holdings have fallen to their lowest since February 2016, down 11 percent from their peak in April. "We don't expect any major bounce-back as all fundamentals are negative for gold", said Hareesh V, head of commodity research, Geojit Financial Services, based in the southern Indian city of Kochi.

India's gold imports rose for a first time in seven months in July after a fall in prices ahead of a jewellery exhibition prompted jewellers to replenish stocks, provisional data from metals consultancy GFMS showed.

Platinum fell 2.3 percent to $808 per ounce, silver slipped 0.5 percent to $15.19 and palladium lost 0.7 percent to $903.69.

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