Gold prices rose due to a weaker US dollar and geopolitical risks
The decline in the US dollar and geopolitical risks in the Middle East supported the upward movement in gold prices.
In global markets, gold prices rose under the influence of the depreciation of the US dollar and geopolitical tensions in the Middle East, becoming the focus of investors.
Latest Situation in Gold Prices
Spot gold, which started Tuesday on an upward trend, gained 0.6 percent in value to reach the level of $4,429.89. Gram gold also saw an increase of 0.7 percent, reaching the level of 6,910 TRY.
Dollar Index and Data Expectations
The 0.4 percent decline in the US dollar index was among the main factors supporting gold prices. Markets are now focused on the PPI data to be announced on Thursday and the CPI data to be released on Friday.
Fed Policies and Geopolitical Risks
While markets are pricing in the possibility of a Fed interest rate hike next week, Iran's threat of an economic war against the US and conflict concerns in the region increased safe-haven demand.