Gold keeps diving on Turkey economic downtime

Gold keeps diving on Turkey economic downtime

On Monday, gold headed south because Turkey’s economic turmoil left financial markets puzzled.

August delivery gold futures sank by 1.21% on the Comex exchange hitting $1,204.40 a troy ounce.

The escalating conflict between Turkey and the United States resumed on Monday. Turkey’s key financial institution promised to provide liquidity and reduce reserve requirements for the country’s banks.

Turkey’s major bank told that it had a cash buffer held by financial institutions, the lira's reserve requirement ratio cut by 250 basis points. Moreover, it had reserve requirement ratios for non-core FX liabilities decreased by about 400 basis points for maturities to three years. The previous week the Turkish national currency had slipped to fresh minimums because the country’s diplomatic clash between US and Turkish leaders spooked market participants.

On Sunday, Berat Albayrak, Finance Minister who’s the country’s president son-in-law told that this country would implement an economic action plan, although he didn’t provide further details on what the steps would be taken.

The number one precious commodity was unmoved by a weaker evergreen buck. Gold normally inches down when as the US currency goes up due to the fact it’s denominated in the evergreen buck and it’s very sensitive to fluctuations in the American currency.

Estimating the greenback’s purchasing power against a pack of its main rivals the USD index edged down by 0.12% showing 96.07.

Bullion gets less affordable for those investors who hold other currencies when the evergreen buck moves up and accordingly cheaper when it slips.

As for other metals on the Comex exchange, silver futures headed south by 0.75% hitting $15.180 a troy ounce. In addition to this, platinum futures edged down by 2.62% coming up with $807.90. Besisdes this, palladium futures declined by about 0.83% trading at $894.10 an ounce. Additionally, copper futures gained 0.24% hitting $2.749 a pound.



Russian Oil Got Banned from Market
Russian Oil Got Banned from Market

This week started with the talk of the United States banning Russian oil exports, so XBR/USD saw $130 a barrel. Then the ban became reality. What does it really mean for the market?

Something more Important than NFP
Something more Important than NFP

For a long time, traders considered American Non-farm Payrolls (NFP) the most important release in the market. However, the situation has changed. Now US CPI moves financial markets.    

Latest news

Deposit with your local payment systems

Be on top of your game

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.


A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera