MTECHTIPS;-Gold Price Drops as Turkey Lira Crisis Boosts Demand for U.S. Dollar

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MTECHTIPS;-Gold Price Drops as Turkey Lira Crisis Boosts Demand for U.S. Dollar

MTECHTIPS-Gold prices fell on Monday as the recent Turkish Lira crisis pushed the U.S. dollar higher. Gold Futures for December delivery on the Comex division of the New York Mercantile Exchange dropped 0.25% to $1,216.1 per troy ounce at 12:10 AM ET (04:10 GMT). The U.S. imposed sanctions and doubled tariffs on the Turkey’s steel and aluminum on Friday to 50% and 20% respectively. Andrew Kenning ham, chief global economist at Capital Economics, said, “The plunge in the lira which began in May now looks certain to push the Turkish economy into recession and it may well trigger a banking crisis.” In response, Turkey announced on Sunday that it has drafted an economic action plan to ease investor concerns. “From Monday morning onwards our institutions will take the necessary steps and will share the announcements with the market,” Finance Minister Berat Albany said, although he did not elaborate on what the steps would be

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