Finance
Turkey currency crisis: Gold down as investors turn to US Treasuries
Gold
prices hit their lowest level in nearly a year and a half Monday
as investors turned to US Treasuries in the face of a currency
crisis in Turkey that analysts say could spill across
borders.
Gold dipped below $1,200 an ounce Monday morning to its weakest
point since early 2017. It was trading down 1.3% at $1,196.27 an
ounce around 12:15 p.m. ET. Silver
also took a hit, trading lower by 1.5% to $15.05 an ounce. It was
trading at its lowest level since April 2016.
Investors have recently favored US government bonds as a
safe-haven asset, meaning they had to purchase dollars. A
stronger greenback makes dollar-denominated assets like gold more
expensive for holders of other currencies.
A
sharp currency sell-off in Turkey, which holds large amounts
of foreign debt, has raised contagion risks and put global
markets on edge. The Turkish lira lost more than a fifth of its
value against the dollar last week and continued to weaken on
Monday.
Gold is down 5.4% this year.
Markets Insider
Get the latest Gold price here.
-
Entertainment7 days ago
Summer Movie Preview: From ‘Alien’ and ‘Furiosa’ to ‘Deadpool and Wolverine’
-
Entertainment6 days ago
What’s on the far side of the moon? Not darkness.
-
Business7 days ago
Thoma Bravo to take UK cybersecurity company Darktrace private in $5B deal
-
Business6 days ago
How Rubrik’s IPO paid off big for Greylock VC Asheem Chandna
-
Business6 days ago
TikTok faces a ban in the US, Tesla profits drop and healthcare data leaks
-
Business5 days ago
London’s first defense tech hackathon brings Ukraine war closer to the city’s startups
-
Business6 days ago
Photo-sharing community EyeEm will license users’ photos to train AI if they don’t delete them
-
Entertainment7 days ago
‘Challengers’ review: You’re not ready for Zendaya’s horny love-triangle drama