Gold Price Slips On Dollar Strength

August 30, 2018

New York (Aug 30)  Gold prices dipped on Thursday as the US dollar firmed up slightly on expectations of higher interest rates in the wake of better-than-expected annualized growth in second-quarter US gross domestic product.

Spot gold was down 0.24% at USD1,204.55 an ounce while US gold futures were marginally lower at USD1,210.90 an ounce.

The precious metal is on track for its fifth straight monthly loss, failing to attract safe-haven demand despite uncertainty about global trade.

Emerging currencies sold off sharply again today, with the Argentine peso crashing more than 7% after a collapse in investor confidence in President Mauricio Macri's government.

The Turkish lira extended losses after Moody's downgraded 20 Turkish financial institutions and a measure of the country's economic confidence index fell 9% month-on-month in August to its lowest since March 2009.


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