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Gold closes slightly lower as dollar's jump outweighs Turkey contagion fear

Gold futures settled slightly decrease Friday as a brewing crisis in Turkey jolted global shares decrease, but delivered a firm boost to the U.S. dollar, weighing on bullion. Gold futures for December supply on Comex GCZ8, -0.06% completed down 90 cents, or lower than 0.1%, at $1,219 an oz.. The dollar, meanwhile, as measured via the ICE U.S. Dollar Index DXY, +0.68% was once up 0.9% at 96.408, marking the very best level in about a 12 months for the dollar gauge. The transfer comes as the Turkish lira USDTRY, +15.9654% tumbled to a new report low in opposition to the buck amid questions about the possibility of a crisis in Turkey to spillover into global markets. A more potent dollar can make buying dollar-pegged commodities, like gold, costlier for buyers the use of other monetary gadgets. Fears about Turkey contagion had been outweighed via the surge within the dollar, market contributors stated.

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Gold closes slightly decrease as dollar’s leap outweighs Turkey contagion concern

Gold futures on Friday finish the session with a loss for the day and the week, as a pointy leap within the dollar overshadowed growing worries that an escalating forex crisis in Turkey would spill over in to parts of the globe.

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