Gold Prices Hits 2-Week Low, After Turkey’s Failed Coup

Gold Prices Hits 2-Week Low, After Turkey's Failed Coup

Prices of gold struggled near a two-week, fell one percent before trimming losses on Monday, as investors dumped shelter operations following a failed coup in Turkey.

Gold for August delivery on the Comex Exchange dipped 50 cents, or 0.04%, to trade at $1,326.80 a troy ounce.

Spot gold, which fell about one percent to as low as$1,324.04, was down 0.6 per cent to $1,328.90 an ounce, its first weekly decline in seven weeks.

Turkish government official said on Sunday it was in complete control of the country and after thwarting an apparent military coup to bring down President Tayyip Erdogan, late Friday the economy.

The government has expanded a crackdown on suspected of supporting the failed coup at the weekend, taking the number of people arrested in the armed forces and the judiciary to 6,000.

Gold initially was higher in the post-trade solution Friday as news of the attempted coup spooked investors.

The US Dollar gained on the yen in Asia on Monday since investors dumped safe-haven trades in the wake of the coup attempt in Turkey, but better economic news by US and the promise of stimulus the central bank gave support to equities.

Pure gold (99.9 purity) also moved down by a similar margin of Rs 115 to Rs 30,970 per 10 grams as compared to Rs 31,085 last weekend with subdued local buying interest amid weak global cues.

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