Gold rises in price after news from Turkey

18 Jul 2016

According to information provided by the Agency of economic information “PRIME”, the gold prices, after negative dynamics of Friday's trading, moved to an increase on Monday after the news about the attempt of military coup in Turkey. This is evidenced by tradingfigures. As of 08:26 MSK,Comex August gold futures on the New York Stock Exchange Comex jumped by 1.10 dollars, or 0.08%, to 1328.50 dollars per troy ounce.September silver futures fell 0.52%, to 20.06 dollars an ounce. On Friday, the US Department of Commerce reported that retail sales in the country in June rose by 0.6% in monthly terms. However, analysts had expected a growth rate of only 0.1%.Retail sales, excluding cars and parts increased in June by 0.7% compared to May, which also turned out to be better than the forecasts of analysts who had expected growth of 0.4%. Statistics reinforced expectations of Fed rate in the current year.The better [than expected - Editor's note] US data on Friday clearly got people starting to think the Fed could actually hike this year,” Wayne Gordon, executive director for commodities and foreign exchange at the bank’s wealth management unit, said to Bloomberg. However, on Monday the gold prices returned to growth within the correction and after the news from Turkey. On Friday evening, Turkish authorities announced a military coup attempt in the country. For their part, the military claimed the transfer of power to their hands. On Saturday morning, rebel soldiers began to surrender. The Government stated that the coup attempt had failed.

Source: Economical Information Agency «PRIME»