Gram gold and latest market status while awaiting US inflation data
Ahead of the US CPI data following the PPI figures, expectations that the Fed may raise interest rates have strengthened, while gram gold is trading at 6,807 liras.
While investors await the critical CPI data to be released from the US, expectations regarding the Fed's monetary policy are taking shape following the PPI figures, and gram gold finds buyers at 6,807 liras.
US Inflation Data Expectations
Investors are closely monitoring the signals that the upcoming CPI data will provide regarding the future course of the US Federal Reserve's (Fed) monetary policy.
PPI Data and Fed Expectations
Data released on Thursday showed that the Producer Price Index (PPI) for final demand rose by 0.4 percent in August. Following the PPI data coming in above expectations, investors' expectations that the Fed will raise interest rates at next week's meeting strengthened.
Expert Assessments and Bonds
Wael Makarem, Chief Financial Markets Strategist at Exness, pointed out that stronger inflation data could support expectations for an interest rate hike. Makarem stated that this could lead to an increase in Treasury bond yields and the dollar, and create pressure on gold.
Middle East Developments and Oil
In addition to US inflation data, developments in the Middle East are also being closely monitored by the markets. While developments in the region are driving oil prices upward, it is noted that two major oil benchmarks are poised to finish the week above $100 a barrel for the first time since mid-May.
Declines in Other Precious Metals
Spot silver fell 0.3 percent to $63.39 per ounce. Platinum dropped 0.2 percent to $1,773.93, while palladium lost 0.3 percent to fall to $1,278.51.
Current Gold Prices
Starting the day with buyers, gram gold is trading at 6,807 liras with a 1.08 percent increase compared to the previous close as of 09:25 AM. At the same minutes, quarter gold is being sold at 11,164 liras and Republican gold at 44,438 liras.