Recovery in gold prices: Spot and gram gold on the rise again
Driven by technical factors in the markets and developments in oil prices, spot gold rose to $4,310 per ounce, while gram gold trades at 6,723 TL in the domestic market.
Following the low levels seen on Wednesday, spot gold gained 1.1% to reach $4,310.49 per ounce. In the domestic market, gram gold is finding buyers at 6,723 TL, quarter gold at 10,968 TL, and Republican gold at 43,719 TL.
Current Status of Gold Prices
Spot gold rose 1.1% to $4,310.49 per ounce after hitting its lowest level in about six weeks on Wednesday. In the domestic market, gram gold is trading at 6,723 TL, quarter gold at 10,968 TL, and Republican gold at 43,719 TL.
Developments in the Oil Market
The course of oil prices played a role in the rise of gold. Reports that Saudi Arabia will offer additional crude oil cargoes via Oman eased concerns over supply disruptions. Analysts state that the continuation of the decline could support gold in the medium term.
Fed Policies and Interest Rate Expectations
The Fed's interest rate hike on Wednesday and its signal for additional increases reinforced the high-interest-rate environment. High interest rates continue to exert pressure on gold, which offers no interest yield, increasing its alternative cost.
Other Precious Metals Rose
The recovery in gold was also reflected in other precious metals. Spot silver increased by 1.4% to $63.83, platinum gained 1.6% to reach $1,780.55, and palladium rose by 2% to reach $1,295.