Gold Price Snaps 3-day Losing Streak, Settles Modestly Higher

August 14, 2018

New York (Aug 14)  Gold futures pared some mid session gains but still ended modestly higher on Tuesday, after having plunged to an 18-month low in the previous session.

A softer dollar lifted gold to around USD1,205.80 an ounce, but the yellow metal came off that level after the greenback surged to a fresh 14-month high.

The US dollar index moved past 96.50, gaining about 0.4%, after having dropped down to 96.02 earlier in the day.

The Turkish lira recouped some recent losses, and gained over 7% against the greenback. On Monday, the lira had extended its losses to a fifth straight session and tanked to a record low of 7.1289 against the dollar. The currency recovered today following Turkey's central bank's decision to provide liquidity the country's banking sector.

Gold futures for December ended up USD1.80, or 0.2%, at USD1,200.70 an ounce, snapping a three-session losing streak.

Silver futures for September gained USD0.083, or 0.55%, to USD15.065 an ounce. Copper futures declined USD0.044, or 1.61%, to USD2.687 per pound.

In US economic news, data released by the Labor Department showed import prices came in unchanged in the month of July, after edging down by a revised 0.1% in June. Economists had expected import prices to inch up by 0.1% compared to the 0.4% decrease originally reported for the previous month.

Meanwhile, export prices fell by 0.5% in July after rising by a downwardly revised 0.2% in June. Export prices had been expected to rise by 0.2% compared to the 0.3% increase originally reported for the previous month.


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