August rally in gold prices: Latest on ounce and gram gold

The continuation of the search for a safe haven in global markets and US bond operations triggered a strong rally in gold prices in August. While ounce gold reached record levels, gram gold domestically tested the threshold of 7,260 TL.

Strengthening Upward Momentum in August

Gold prices attracted attention in the markets by regaining a strong upward momentum in August. Leaving behind the correction process that followed the peaks at the beginning of the year, the precious metal began to climb alongside global developments.

Ounce Gold Sees Three-Month Peak

Surpassing the $4,700 threshold on Tuesday to reach its highest level since May 14, ounce gold climbed up to $4,754.01 in the early hours of the day. Following this peak, profit-taking became influential in the market.

US gold futures recorded a 0.6% gain in value, rising to the $4,724.50 level.

Effects of the US Treasury Bond Decision

The US Treasury's announcement on August 19 that it would increase the size of its long-term bond buyback operations changed balances in the markets. Following this decision, long-term US bond yields declined.

Along with the drop in bond yields, the dollar index lost 0.8% in value, and the weakening dollar accelerated the upward movement of gold prices.

Gram Gold Exceeds 7 Thousand Liras Domestically

This upward movement in global markets was directly reflected in the domestic market in Turkey as well. In the free market, gram gold approached the 7,200 TL levels on August 25, while testing 7,260 TL levels in trades made on Tuesday morning.

Current Gold Selling Prices

Current gold prices formed in the markets as of August 26 are being closely monitored by investors. Gram gold is trading at 7,190 TL, and quarter gold is trading at 11,753 TL.

According to data from the same date, half gold is at 23,509 TL, Republic gold is at 47,790 TL, and ounce gold is at the $4,647 level.