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Gold falls

Gold falls

LONDON: Gold fell as much as one per cent on Monday as European equities rose and investor jitters calmed following a failed coup attempt in Turkey.

Spot gold fell earlier to a session low of $1,323.43 an ounce and was down 0.5pc at $1,331.12 by 1444 GMT.

Bullion fell over 2pc last week, its first weekly decline in seven weeks, as investors piled cash into riskier assets.

US gold was up 0.3pc at $1,334.70 an ounce. Turkey widened a crackdown on suspected supporters of a failed military coup, taking the number of people rounded up in the armed forces and judiciary to 6,000. The government said it was in control of the country and economy.

Gold had turned higher immediately after news of Turkey’s coup on Friday, as demand for assets perceived as safe, such as bullion and bonds, briefly spiked.

Gold gained $100 in the two weeks following Britain’s vote to leave the European Union, as worried investors started putting their cash into safe-haven assets, before falling back.

Among other precious metals, spot silver was down 2.2pc at $19.75 an ounce. Platinum was down 0.8pc at $1,077.10 an ounce, while palladium fell 2.2pc to $632.22 an ounce.

Courtesy : Dawn News



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