Upward Trend in Gold Prices Continues
While spot gold per ounce and futures recorded increases in global markets, gram and quarter gold are finding buyers at new levels in the domestic market.
Spot gold per ounce increased by 0.8 percent in global markets to rise to $4,630.09. With this development, gram gold is trading at 7,161 TL, quarter gold at 11,680 TL, and Cumhuriyet gold at 46,536 TL in the domestic market.
Current Gold Prices Table
According to current data, gram gold is at 7,161 TL, quarter gold is at 11,680 TL, and Cumhuriyet gold is at 46,536 TL. Meanwhile, ounce gold is finding buyers at the $4,627 level.
Levels in Other Gold Types
Among other precious metals followed by investors, half gold reached 23,354 TL, full gold reached 46,458 TL, and gremse gold reached 116,503 TL.
Market Analysts' Assessments
OANDA Senior Market Analyst Kelvin Wong stated that expectations of a weakening dollar could support gold prices in the medium term. The US Treasury's bond purchase decisions also increased interest in precious metals.
Jackson Hole Symposium and Fed Expectations
The focus of the markets has turned to the Jackson Hole symposium in Wyoming. Statements to be made by Fed Chair Kevin Warsh are being monitored for the future of monetary policy.
Interest Rate Probabilities and Inflation Data
According to CME FedWatch data, the probability of an interest rate hike in September is priced at 36.5 percent. The fact that annual inflation in the US remains above the Fed's target increases uncertainty.
Activity in Other Precious Metals
Other precious metals accompanied the upward trend in gold. Silver rose by 1.7 percent to $69.28, platinum increased by 1.1 percent to $1,848.57, and palladium went up by 0.5 percent to $1,334.49.