CHICAGO, Aug. 15 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell sharply on Wednesday as the U.S. dollar further strengthened amid Turkish currency crisis.
The most active gold contract for December delivery went down 15.7 dollars, or 1.31 percent, to close at 1,185.00 dollars per ounce, the lowest level since Jan. 10, 2017.
Although Turkish lira regained some lost ground in the past two days, the financial turmoil in Turkey and worries about possible spillover kept driving the U.S. dollar higher.
The U.S. dollar index, a gauge of the greenback against a basket of key foreign currencies, rose 0.04 percent to 96.645 at 1811 GMT.
Gold and the dollar typically move in opposite directions. When the dollar rises, gold futures will fall as gold, priced in the dollar, becomes expensive for investors using other currencies.
Reports that several central banks of developing countries started to sell their gold reserve to support local currencies also dragged down gold prices.
Other precious metals saw significant fall as well. Silver for September delivery went down 59.9 cents, or 3.98 percent, to close at 14.454 dollars per ounce. Platinum for October was down 29.80 dollars, or 3.72 percent, to settle at 771.90 dollars per ounce. Enditem
