Sharp Decline in Gold Market Following Fed Statements and Oil Prices
Following developments in the markets, ounce gold dropped below $4,450, while gram gold in the Grand Bazaar fell to 6,834 liras.
Gold prices started to decline following Federal Reserve Chair Kevin Warsh's remarks at the Jackson Hole symposium and the rise in oil prices.
Jackson Hole and Fed Impact
Gold prices lost the upward momentum they caught last week on Monday and suffered sharp losses.
This retreat was influenced by Federal Reserve Chair Kevin Warsh's speech at the Jackson Hole symposium being more hawkish than expected.
Interest Rate Expectations and Ounce Gold
While ounce gold started Monday by dropping below $4,450, the markets are pricing in a 25 basis point interest rate hike in September.
Grand Bazaar Gram Gold Status
Following these developments, gram gold in the Grand Bazaar markets fell below 7,000 liras and began trading at 6,834 liras.
Current Gold Prices Table
While gram gold is at 6,881.70 TL for buying and 6,882.61 TL for selling, quarter gold is recorded at 11,053.00 TL for buying and 11,202.00 TL for selling.