Gram and Quarter Gold Prices Determined as Spot Gold Loses Ground
Following global developments in the markets, the spot price of gold per ounce declined, while current domestic prices for gram, quarter, and Cumhuriyet gold have been clarified.
Downward movements were observed in gold prices due to rising interest rate expectations and a strong dollar in global markets, causing the ounce price to retreat as current domestic selling prices were announced.
Decline in Gold Ounce on Wednesday
The spot price of gold per ounce fell by 0.2 percent on Wednesday, dropping to the level of $4,345.99.
Current Domestic Gold Prices
According to the latest market situation, gram gold continues to trade at 6,818 TL, while quarter gold is trading at the 11,130 TL level.
Additionally, Cumhuriyet gold finds buyers at 44,375 TL, half gold at 22,251 TL, full gold at 44,156 TL, and gremse gold at 110,729 TL.
Pressure from High Interest Rates and Strong Dollar
Investors expect central banks to keep interest rates high for a long time due to concerns that inflation may remain persistent.
The dollar maintaining its strong course and the high interest rate environment create pressure on precious metals, which do not offer interest yields.
Central Banks and Fed Policies
The Fed raised its policy rate by 25 basis points last week, bringing it to a range of 3.75 percent to 4.00 percent.
Geopolitical Risks and the Oil Market
Developments in West Asia and oil prices continue to be decisive in gold's short-term price movements and market volatility.
Status of Other Precious Metals
While the downward trend in gold reflected on other precious metals, spot silver dropped 0.4 percent to $66.78.
Platinum fell 0.8 percent to $1,818.21, while the price of palladium also recorded a 0.4 percent decline.