Downward Trend Begins in Gold Prices
While ounce gold dropped to $4,308 in global markets, gram gold is trading at 6,684 TL in the Grand Bazaar.
Gold prices in global markets recorded a decline under the influence of expectations for interest rate hikes by the US Federal Reserve and geopolitical developments.
Current Figures in the Markets
While ounce gold finds buyers at 4 thousand 308 dollars in global markets, gram gold is sold at 6 thousand 684 TL in the Grand Bazaar. Quarter gold is trading at 10 thousand 860 liras and Cumhuriyet gold at 43 thousand 328 liras.
Main Causes of the Decline
The reinforcement of expectations for interest rate hikes by the US Federal Reserve (Fed) and the tension between the US and Iran driving oil prices upward are influential in keeping gold prices under pressure.
Inflation and Investor Trends
The fact that rising oil prices increase inflation concerns, as well as the strengthening of US bond yields and the dollar, negatively affects the demand for gold, which does not yield interest.
Eyes on Employment Data
While expectations that the Fed may raise interest rates in the near term are gaining strength in the markets, investors are closely monitoring employment data coming from the US.