Recovery in gold prices: Gram gold rises to the 6,890 TL level
Following the drop in the dollar and bond yields in global markets, gold prices have recovered and started to rise.
Gaining value under the influence of the decline in the dollar and US Treasury yields in global markets, gold has recovered its losses from the last three trading sessions, with gram gold reaching the 6,890 TL levels.
Recovery in Gold Prices
Having lost value in the last three trading sessions and retreated to approximately one-month lows, the precious metal showed a rapid recovery alongside the decline in the dollar and US bond yields.
Gram Gold and Futures
With the recovery of the precious metal, gram gold is trading around the 6,890 TL level in the markets, while US gold futures also saw a gain of about 0.9%, with contracts climbing up to $4,455.30.
Dollar and Bond Impact
The depreciation of the US dollar against major currencies and the decline in Treasury bond yields made gold, which does not provide interest income, more attractive to investors, supporting global demand.
Expectation for Employment Data
Investors and analysts are awaiting the release of the US non-farm payrolls data, which could alter expectations regarding the Fed's September interest rate decision.
Analysts' Level Expectations
Experts point out that if gold sustains its position above $4,400, the $4,500 and subsequently $4,700 levels could come into focus.