Latest Status of Gold Prices Following Global Developments and US Inflation Data

Gold prices in global markets fell by 1 percent on a weekly basis following the US inflation data, registering their third consecutive weekly loss. Failing to maintain its upward momentum from the beginning of the week, gold is trading above six thousand eight hundred liras in the Grand Bazaar.

Weekly Losses and Global Trend

Failing to maintain its upward momentum from the beginning of the week, gold paused its upward movement due to global developments and experienced a decline of approximately 1 percent on a weekly basis.

Rising to around $4,380 per ounce on Friday, gold recorded its third consecutive weekly loss under the impact of the released US inflation data.

US Inflation Data and Markets

While US inflation for August remained in line with expectations at 3.4 percent, monthly CPI increased by 0.4 percent, recording its strongest rise in the last three months.

Core CPI rose to 0.3 percent on a monthly basis, exceeding expectations, while the annual rate showed a decline to 2.4 percent.

Fed Expectations and Interest Rates

Following the latest economic data released, markets increased their expectations for a 25 basis point interest rate hike by the US central bank, the Fed.

According to CME FedWatch tool data, the probability of an interest rate hike climbed up to 86 percent.

Grand Bazaar Current Gold Prices

In Grand Bazaar markets, the buying price of gram gold stands at 6,784.07 TL, while the selling price is at 6,784.88 TL.

Quarter gold is trading at 10,982.00 TL for buying and 11,114.00 TL for selling, and full gold is trading at 43,778.00 TL for buying and 44,300.00 TL for selling.

Republic gold finds buyers in the markets with buying and selling prices of 44,900.00 TL and 45,600.00 TL, respectively.