Sharp Decline in Gold Prices Following Critical US Data
Gold prices in global markets retreated following US data. Spot gold fell to $4,336 per ounce, while gram gold saw the 6,759 TL level.
Gold prices, which started the day with an upward trend in global markets, experienced a sharp decline and retreated following the release of critical US data.
Market Trends in the Morning
In global markets, gold prices started the day with an upward trend, supported by the limited easing of the US Dollar in the early hours.
Losses in Spot and Gram Gold
Spot gold fell by 1.4 percent to $4,336 per ounce, while gram gold traded at 6,759 TL, reflecting a similar decline.
US PPI and Unemployment Data
Regarding the US data that determined the market direction, the Producer Price Index (PPI) was recorded at 0.4 percent, in line with expectations, and unemployment benefit claims reached 206,000.
CPI Expectations for Friday
While all eyes are on the Consumer Price Index (CPI) data to be released on Friday, these figures are expected to provide direct guidance for the US Federal Reserve's interest rate decision.
European Central Bank Interest Rate
Another fundamental factor increasing the pressure on gold prices was the European Central Bank's interest rate decision; the institution implemented a 25 basis point rate hike this month.
Geopolitical Risks and Market Impact
Although reports of attacks near the Strait of Hormuz by Iran following the sinking of an Iranian oil tanker by the US escalated risks, analysts state that this factor remains in the background for now.
Intraday Movements of Gram Gold
Gram gold started the day at 6,860 liras, saw a low of 6,742 liras and a high of 6,910 liras during the day, and is currently finding buyers at 6,773 liras.
Intraday Levels of Ounce Gold
Ounce gold started the day at $4,404, fluctuated between a low of $4,324 and a high of $4,334 during the day, and is currently trading at $4,345.