Gold Futures Edge up After Last Week’s Decline

Silver prices fall, but hold ground above $20 an ounce

by Myra P. Saefong and Rachel Koning Beals
Market Watch

Gold futures edged higher on Monday, rebounding a bit after posting a decline last week, with investors showing caution after a failed weekend coup in Turkey.

Prices suffered a loss of 2.3% last week, their first weekly loss in nearly two months as record-high U.S. stocks and the Bank of England’s pass, for now, on cutting interest rates lured investors into riskier markets away from nonyielding gold.

“A coup attempt in Turkey late Friday that was quickly quashed, but not without violence, has not had a serious impact on the world marketplace,” said Jim Wyckoff, senior technical metals analyst at Kitco. “Traders and investors reckon the matter was an isolated incident.”

Ankara shut down the coup attempt, but Turkish stocks fell sharply Monday and its currency, the lira USDTRY, -1.7153% , weakened. That helped to underpin demand for gold.

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