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Gold struggles close to 2-week minimums after Turkey's failed coup

On Monday, gold prices struggled close to a two-week minimum during European trade because market participants unwound safe-haven trades in the wake of a recent unsuccessful military coup in Turkey.  

On Saturday, the Turkish government told that it was in full control of the country as well as economy after defeating an apparent military coup aimed at toppling Tayyip Erdogan, Turkey’s current president, late on Friday.

The government dared to widen a crackdown on suspected followers of the failed coup over the weekend, thus taking the total number of folks rounded up in the armed forces as well as judiciary to approximately 6,000.

On Frida, gold initially headed north in post-settlement trade as news of the coup attempt frightened market participants. .

In New York, August delivery gold futures sagged 50 cents or 0.04%, trading at $1,326.80 per troy ounce.

Prices of the number one precious metal dropped to a two-week minimum of $1,320.40 last Wednesday, because uncertainty around the implications of the UK’s Brexit vote relieved with the formation of a new government.

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