11/08/2018
(Reuters)
Gold prices in Asia fell on Friday to become closer to the lowest level in a year, which is affected negatively by the rise of the dollar in light of the escalation of political tensions globally.
By 0618 GMT, spot gold fell 0.5 percent to reach $ 1206.29 an ounce, leaching near a year low of $ 1204 hit last week.
The yellow metal is heading towards the fifth consecutive weekly decline.
Gold futures fell 0.5 percent to reach $ 1213.4 an ounce.
The dollar, which is trading in gold, continued its gains to reach a 13-month high against a basket of currencies as European currencies such as the pound and the euro continued to lose momentum.
In the meantime, the United States pushed new sanctions on Moscow Russian ruble to retreat near the lowest level in two years. Though, the Turkish lira fell to a low record following a diplomatic row with the United States.
Gold prices, which are rising in times of tension, have largely failed to take advantage of rising geopolitical tensions this year, as investors chose to use the dollar as a safe haven rather than a precious metal.
For other precious metals, silver fell 0.6 percent to reach $ 15.32 an ounce.
Platinum fell 0.4 percent to reach $ 827.20 an ounce, while palladium lost about 1 percent to reach $ 899.10 an ounce.
The three metals are heading towards loss on a weekly basis.
