Gold logs first gain in the past 4 sessions, but holds near 1 1/2-year low
Gold futures on Tuesday booked a slight gain, but held near their lowest level of the past 18 months, as a currency crisis spurred by worries about Turkey’s lira USDTRY, -7.3410% took a back seat. A flight to U.S. dollars was fueled by fears that Turkey’s problems could infect other markets, with the buck rising to a 14-month peak and weighing on bullion prices. December gold settled up $1.80, or 0.2%, at $1,200.70 an ounce Tuesday afternoon, a day after ending at a 1 1/2-year low. That’s even as the ICE U.S. Dollar Index DXY, +0.46% a measure of the buck’s strength against a basket of six currencies, gained 0.3% at 96.71. A stronger dollar tends to make dollar-pegged assets more expensive to buyers using other monetary units.
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