Spot Gold Turns Higher As Turkish PM Says Military Coup Underway

NEW YORK (Reuters) - Spot gold prices XAU= turned higher, reversing earlier losses in late trade on Friday in New York after Turkish Prime Minister Binali Yildirim said a group within the country’s military has attempted to overthrow the government.

Gold was up 0.23 percent at $1,337.73 per ounce at 4:42 p.m. EST (2042 GMT), moving off intraday lows of $1,322.

“Gold has been frog-marched $10 higher over the last hour when it became apparent that there has been an attempted coup in Turkey,” said Tai Wong, director of base and precious metals trading for BMO Capital Markets in New York.

“Gold hasn’t been a very good geopolitical hedge in recent years, though sentiment may have changed especially if it suggests instability in other governments in the region.”

Reporting by Josephine Mason

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