Four-day drop in gold prices: Oz and gram gold decline
With spot gold dropping to $4,304 on its fourth trading session, the price of gram gold in Turkey also saw a significant decrease.
Amid rising inflation concerns and interest rate hike expectations in global markets, spot gold fell below critical support levels to see a three-week low, which was reflected in domestic gold prices.
Three-Week Low in Spot Gold
The ounce price of gold continued to lose value on its fourth trading session, dropping to $4,304 and recording its lowest level in the last three weeks. The decline from the peak seen last week reached 9.5 percent.
Fed Expectations and Bond Yields
Rising inflation concerns and increasing bond yields in the US strengthened the probability in futures markets that the Fed could raise interest rates in September, pushing it up to 67 percent.
Gram Gold Price in the Domestic Market
This sharp retreat in global markets was directly reflected in the domestic market in Turkey, with gram gold falling to around 6,690 lira in the morning hours, registering a loss of approximately 200 liras in a single day.
Current Gold Price Table
According to the latest data from the markets, gram gold is finding buyers at 6,680 TL, quarter gold at 10,924 TL, half gold at 21,853 TL, and Cumhuriyet gold at 45,255 TL.