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2018.08.1507:30:00UTC+00Gold Hits 18-month Low Under Pressure From Stronger Dollar

Gold prices fell to their lowest since January 2017 on Wednesday as continued uncertainty around Turkey's economy helped lift the U.S. dollar to a 13-month high against major currencies.

A slew of factors such as strong U.S. economic outlook, a financial crisis in Turkey and expectations of faster rate hikes have boosted demand for the greenback as a safe-haven asset.

The dollar is also benefiting from more weakness in euro amid increasing concerns over the European banks' exposure to Turkey.

Spot gold was down 0.80 percent at $1,184.20 an ounce while U.S. gold futures were down 0.74 percent at $1,191.80 an ounce.

Gold has fallen about 9 percent this year, failing to capitalize on its role as a hedge against rising inflation and global uncertainty.



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