Gold slumps to 18-month low

Gold prices fell to their lowest since January 2017 yesterday as the US dollar hit an over 13-month peak on demand emerging from concerns about Turkey's financial turmoil. The greenback, in which gold is priced, has been bolstered by the euro's fall, which has been dogged by concerns over the European banks' exposure to Turkey. Spot gold was down 0.45% at US$1 188.24 an ounce at 0406 GMT, after hitting its lowest since late January 2017 at US$1 187.25. "If gold closes below US$1 190, prices will extend their fall to US$1 150 or even more ... We don't expect any major bounce back as all fundamentals are negative for gold," said Hareesh V, head of commodity research, Geojit Financial Services, based in south Indian city of Kochi. Photo Nampa/Reuters