Gold prices fall as Turkey appoints new central bank chief

Gold prices fall as Turkey appoints new central bank chief

Gold prices dropped on Monday as investors go for other safe-haven assets following Turkey's abrupt decision to replace its central bank head. Spot gold was down 0. 5% at $1, 736. 71 per ounce by 06:00 GMT while US gold futures were down 0. 2% at $1, 738. 80 per ounce. The replacement of the Turkish central bank chief has left investors worried about the impact the decision would have on other financial markets, thereby shifting their support to the dollar as a safe-haven. "This morning when the Turkish Lira fell out of bid, we might have seen gold benefiting with the dollar and Japanese yen but that's clearly not the case," said Michael McCarthy, chief market strategist at CMC Markets. Gold may retest a support at $1, 716 per ounce, a break below could cause a fall into the range of $1, 669 to $1, 691, according to technical analyst Wang Tao. In the Indian futures market, the price of gold rose to a new high, while in the international market, it is at an almost seven-year high. Gold in India's largest futures market, The Japanese yen regained its footing on Friday after a bruising week, as the spread