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Silver tumbles to ten-day low as Turkey concerns settle down

News Date: 18/7/2016 04:04:48
 
Silver prices registered deep losses as traders close off safe-haven holdings after Turkey's attempted coup ended in failure, with the government of Recep Erdogan asserting its influence back in the country, soothing investors around the world.

The white metal lost 18 cents,or nearly one percent to plumb a ten-day trough at $19.97 an ounce, but gold prices soldiered on, adding nearly a dollar, or 0.08% to trade at $1,328 an ounce.

The yen, another safe safe haven in the times of turmoil, took a similar hit, sliding 0.61% against the dollar to trade at 105.55, while tumbling 0.74% versus the euro to 116.65. It's biggest injury however was with the British pound, shedding a little over one percent to 139.88.

Asian shares scored some gains on expectations of a wide easing of policy from global central banks, especially Japan's and England's, with Australian shares up over half a percentage point, while South Korea's KOSPI added 0.20%. A noticeable exception was China's Shanghai index, falling 0.35%.

European shares also opened higher in tandem with their Asian counterparts, with the pan-European FTSEurofirst 300 index touching an almost a month high at 1,344, up 0.70% on the day, while Germany's DAX added 0.40% to 10,100.

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