Latest status of gold prices ahead of US inflation data
While markets await US CPI data, expectations that the Fed might raise interest rates following PPI data created pressure on gold prices.
Ahead of the critical inflation data to be announced in the US, gold prices showed a limited increase, while expectations that the Fed might raise interest rates following the PPI data created pressure on the markets.
Current Gold Prices
Gram gold is trading at 6,733 TL, quarter gold at 11,007 TL, and Cumhuriyet gold at 43,882 TL. Ounce gold finds buyers around 4,303 dollars.
Half gold is at 22,012 TL, full gold at 44,275 TL, and gremse gold at 111,027 TL. The spot price of ounce gold rose by 0.2 percent to 4,324.79 dollars.
PPI Data and Fed Expectations
In August, the Producer Price Index increased by 0.4 percent monthly, and the July data was also revised upward. Following this data, which exceeded expectations, expectations that the Fed would raise interest rates strengthened.
Impact of Interest Rate Hikes on Gold
High interest rates and a strengthening dollar reduce the appeal of gold, which yields no interest, creating additional pressure on the precious metal. Experts state that strong data could trigger new interest rate hikes.
Developments in West Asia and Other Metals
In addition to US data, developments in West Asia are also being monitored. Developments in Yemen caused an increase in oil, while the weekly loss in silver exceeded 4 percent.