2018.08.1007:25:00UTC+00Gold Dips As Turkish Lira Hits Record Low

Gold prices eased on Friday and remained on track for their fifth consecutive weekly fall as Turkey's plummeting lira sent shockwaves across the financial community.

The Turkish lira tumbled more than 14 percent in early trade to hit a new low against the dollar amid a deepening rift with the United States and intensifying worries about the state of the economy.

Russia's rouble dropped to its weakest level since late 2016 while the euro and pound hit their lowest levels in a year. The dollar's surge makes bullion more expensive for buyers with other currencies.

Spot gold was down 0.1 percent at $1,210.90 an ounce while U.S. gold futures were 0.13 percent lower at $1,218.17 an ounce.