Rapid Surge in Gold Prices Following Global Markets and US Data
The depreciation of the dollar, driven by US economic data and jobless claims, triggered a sharp climb in gold prices.
Gold prices rose rapidly after economic data and jobless claims from the US caused the dollar to lose value in global markets. Spot gold climbed to $4,493, while gram gold reached 6,978 TL, approaching the 7,000 TL threshold.
Global Data and the Course of the Dollar
The depreciation of the dollar in global markets and the decline in US Treasury bond yields following the economic data released from the US directly increased demand for precious metals.
Gold, which tested one-month lows during the previous session, gained rapid upward momentum with the announcement of US jobless claims.
Status of Gram Gold in the Domestic Market
The activity in the spot market directly reflected on domestic gram gold prices and came under close watch by investors.
On Thursday, spot gold rose by up to 2.42% to $4,493, while gram gold gained 2.46% in value to reach the 6,978 TL level.
Investor Demand and Future Expectations
Since gold is priced in dollars, the depreciation of the US currency made the precious metal more attractive for investors using other currencies.
Markets are eagerly awaiting the persistence of this upward movement in gold and the critical US employment data to be released on Friday.
Geopolitical Risks and Safe Haven
Ongoing geopolitical risks in the Middle East region continue to keep investors' search for safe havens alive.