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Gold down $16 to 18-month low

Gold down $16 to 18-month low

Mubasher: Gold prices saw a steep decline on Wednesday as the dollar rose to its highest level in more than a year, leading the yellow metal to its lowest level in a year and a half.

The Turkish lira maintained its recovery for the second day in a row, however, the US dollar registered noticeable gains against major currencies.

Gold has been under strong selling pressures, leading it to lose $30 since the beginning of the week.

The precious metal futures for December delivery declined by 1.3% or $15.70 to the level of 1,885 per ounce.