Global Markets and Fluctuations in Spot Gold
While spot gold declined due to rising US bond yields and FED expectations, current gram and quarter gold prices in the markets have become clear.
In global markets, the spot gold price is following a volatile course driven by rising US bond yields, a strengthening dollar index, and expectations of a FED rate hike.
Global Markets and Spot Gold
In global markets, the spot gold price declined as the US 10-year Treasury yield surpassed 5% and expectations for an interest rate hike by the FED strengthened. After dropping to $4,253 to hit a 5-week low, spot gold recovered to $4,313 following responsive buying.
Bond Yield and Dollar Pressure
The US 10-year Treasury yield reached its highest level since October 2023. As the holding cost of gold—which yields no interest—increases, the dollar index approaching the 99.60 levels also makes the yellow metal more expensive for foreign investors.
Oil Prices and Inflation
Influenced by tensions in the Middle East, the barrel price of Brent crude continues to hover near $107. Global inflation and interest rate hike concerns triggered by high oil prices continue to pressure gold prices.
FED Expectations and Decision Process
Strong employment data and rising inflation have heightened expectations that the FED will pursue a stricter monetary policy. While the probability of an interest rate hike at Wednesday's meeting has exceeded 90%, the messages from Chairman Kevin Warsh are being closely monitored.
Current Gold Prices Table
According to current market data, gram gold is finding buyers at 6,750.26 liras, and quarter gold at 11,039.00 liras. Half gold, full gold, and 22-carat bracelet prices are also taking shape in line with these developments.