Downward Trend in Gold Prices Continues Under the Influence of Global Markets
While oil prices and interest rate expectations increase pressure on global markets, gram gold is trading at 6,516 TL.
The downward trend in gold prices continues as they remain under pressure due to high oil prices and expectations of interest rate hikes in global markets.
Global Markets and Spot Gold
Spot gold followed a flat course after hitting its lowest level since August 5 in the previous session, while US gold futures experienced a decline.
Spot gold traded with a change of less than 0.1% at $4,124.57 per ounce, while US gold futures dropped 0.3% to $4,156.70.
Current Gold Prices Table
According to the latest market conditions, gram gold finds buyers at 6,516 TL, quarter gold at 10,722 TL, and Republic gold at 42,751 TL.
Half gold is trading at 21,437 TL, full gold at 42,785 TL, gremse gold at 107,290 TL, and spot gold is trading around $4,132.
Interest Rate Expectations and Inflation
Markets continue to price in a 70.3% probability of an interest rate hike by the US Federal Reserve (Fed) in October.
Fed Governor Lisa Cook stated that increased demand driven by artificial intelligence and high oil prices could lead to persistent inflationary pressures in the coming months.
Market Analysts' Assessments
Exness Senior Market Strategist Christopher Tahir stated that geopolitical developments continue to maintain their impact on gold prices.
Investors' attention is focused on critical US economic data to be released later this week.