Gold Extends Losses For Third Day

Gold Extends Losses For Third Day

Gold prices fell for a third straight session on Monday as the dollar strengthened to a 13 month high against major peers amid a worsening currency crisis in Turkey.

Spot gold was down 0.79 percent at $1,201.53 an ounce while U.S. gold futures were down 0.86 percent at $1,208.60 an ounce.

The precious metal has failed to draw support from heightened geopolitical tensions in view of broad dollar strength.

The Turkish lira recouped some losses after hitting a new record low early today on concerns about a deepening rift with the United States.

After the currency witnessed a free fall late last week, the country's central bank today took measures to boost the liquidity in the foreign exchange market.

In addition, Finance Minister Berat Albayrak announced a plan to calm the highly volatile financial markets.

Elsewhere, China's central bank said it would maintain its prudent and neutral monetary policy and strike a balance between stabilizing economic growth, pushing structural adjustments and preventing risks.

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