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Gold is falling after the suppression of the rebellion in Turkey

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Gold is falling after the suppression of the rebellion in Turkey

Gold is falling after the suppression of the rebellion in Turkey
July 18
14:00 2016

Gold is falling in price on Monday while European stock markets are increasing. This is due to the fact that investors are gradually calming down after the state coup in Turkey suffered a defeat.

In the middle of the day gold was traded at $1.328,50 per troy ounce (compared with $1.337,45 per ounce at the end of the trading session on Friday). Over the last week the price of the precious metal was falling and turned out to be at around 2 percent. The US gold futures contracts have risen from $1.6 per ounce to $1.329,00.

The Turkish government has started massive layoffs. Thousands of police officers, prosecutors and judges, dozens of governors and high-ranking civil servants have been dismissed. In addition, thousands of soldiers were arrested on suspicion of the involvement in a failed attempt to overthrow the government of President Tayyip Erdogan last week. As a result of the failed state coup in Turkey on Saturday night 290 people were killed and about 1,400 were injured. In the attempt to overthrow Erdogan’s government a group of the military used tanks, combat helicopters and fighters. They attacked the parliament building and the intelligence services headquarter. The military rebels were going to take control of the main airport and bridges of Istanbul.

Gold went up immediately after the information about the coup in Turkey on Friday. It happened because the demand for riskless assets, such as precious metals and bonds, has grown greatly for a short period. “Gold always becomes a safe harbor during the political instability, or when the wider markets are in disarray. After the metal broke below support at $1,340 an ounce, a push lower is possible, as the situation in Turkey “stabilized” and there are no new headlines on the Brexit saga,” – ActivTrades chief analyst Carlo Alberto De Case said.

Gold rose in price by about $ 100 per ounce after the decision of the UK inhabitants to leave the European Union in a referendum on 23 June. Accordingly, investors hurried to relocate funds to safe assets. According to the released data on Friday, financial managers and speculators significantly lowered their rates on the increase in prices. It was the week that ended on 12 July. This has happened for the first time in five weeks. As for the other precious metals, silver was traded at $19.875 per ounce, compared with $ 20.196 by the end of the trading session on Friday. Platinum was estimated at $1.085,50 compared with $1.082,74, palladium – $646.50 versus $636.00.

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