Gold on the rise after US inflation data and Deutsche Bank forecast
Following US inflation data, gold prices rose, while Deutsche Bank projected a 12-month target of $5,000 per ounce for gold.
Following the release of the United States Consumer Price Index data, gold prices saw a recovery, while German banking giant Deutsche Bank announced its expectation for gold per ounce at $5,000 for the upcoming 12-month period.
US Inflation Data and Gold
With the release of the United States Consumer Price Index figures, which are closely monitored by global markets, a recovery was observed in gold prices.
Following the inflation data, which came in line with expectations at 3.4 percent annually, the yellow metal gained momentum and started to rise.
Ounce and Domestic Market Prices
Immediately after yesterday's inflation report, the price of gold per ounce surpassed the $4,390 threshold and approached the $4,400 mark.
Parallel to this global upward trend, activity in the domestic market also did not slow down, and 24-karat gram gold reached levels of 6,848 liras.
Current Gold Selling Prices
Looking at current market data, gram gold is trading at 6,784.88 TL, quarter gold at 11,093.00 TL, and half gold at 22,179.00 TL.
Full gold is featured at a selling price of 44,529.27 TL, Republican gold at 44,215.00 TL, and gremse gold at 111,664.65 TL.
Deutsche Bank 5 Thousand Dollar Forecast
German banking giant Deutsche Bank shared its expectations for gold in its September outlook report published for global markets.
The bank announced that it expects gold per ounce to reach the $5,000 level within the next 12-month timeframe.
Key Drivers Behind the Increase
Analysts cited the re-strengthening gold demand from central banks and increasing inflows into investment funds among the reasons for the price increase.
The expectation of a weakening US dollar and budget deficits were also listed as the main driving forces pushing gold prices higher.