US data and Middle East tension pushed gold prices higher
While markets monitor US and Iran tensions alongside upcoming economic data, spot gold climbed back above $4,400.
Gold prices rebounded following the tension between the US and Iran, as well as a slowdown in the dollar and Treasury bond yields. As spot gold surpassed $4,400, markets focused on the Federal Reserve's next moves.
Global Developments and Spot Gold
Renewed tensions between the US and Iran and a short-term slowdown in bond yields enabled gold prices to recover. Regaining strength after its losses, the precious metal rose above $4,400 per ounce.
Fed Policies and Officials' Statements
Gold prices continue to be shaped by movements in the dollar and statements from Fed Chair Kevin Warsh. New York Fed President John Williams stated that inflation has fallen as the impact of tariffs diminishes, but drew attention to high energy prices.
Markets are pricing in a probability of roughly two-thirds for a Fed rate hike later this month.
US Employment Data and the Oil Market
Private sector employment growth in the US was revealed to have slowed in August. Donald Trump's statements regarding Iran halted the rise in oil prices, easing inflation concerns and providing additional support to gold.
Grand Bazaar and Current Gold Prices
Following this volatility, gram gold is trading at 6,773 liras in the Grand Bazaar markets. According to current data, the gram gold selling price stands at 6,881.63 liras.
Full gold, quarter gold, and Republic gold continue to find buyers based on current rates in the markets.