Gold registers the lowest level in more than 18 months with the rise of the dollar

Washington _ Agencies

Gold fell to the lowest level in more than 18 months on Wednesday as the dollar jumped to the highest level in more than a year due to fears of a recent fall in Turkish lira to world markets.

Gold dropped 0.7 percent in instant transactions to 1185.46 dollars an ounce by 1106 GMT, after registering its lowest level since late January January 2017 at 1183.47 dollars an ounce.

The US gold futures contract fell 0.7 percent to 1192 dollars an ounce.

The dollar has risen to the highest level since June June 2017 by fears of Turkish President Recep Tayyip Erdogan's calls for lowering interest rates and deteriorating relations between the United States and Turkey, the two NATO member countries.

The dollar, denominated in gold, was also supported by the fall in the euro, which was affected by concerns over the exposure of European banks to Turkey.

Among other precious metals, platinum has fallen in immediate transactions to the lowest level since November November 2008 at 769.10 dollars an ounce. The metal was traded in the latest transactions at 774 dollars an ounce, down 3 percent.

Silver in the instant transactions fell one percent to 14.80 dollars an ounce, after falling to the lowest level since April 1 April 2016 at 14.76 dollars an ounce.

SOURCE: Reuters


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