Weekly balance sheet announced for gold prices
With the strengthening of the dollar and the increase in bond yields, the precious metal declined by about 2 percent over the course of the week.
While the spot price of gold per ounce rose to $4,288.36, as a result of developments in the markets, the precious metal recorded a decline of approximately 2 percent over the course of the week.
Current gold prices
According to the latest market situation, gram gold was traded at 6,726 TL, quarter gold at 11,005 TL, and Republic gold at 43,879 TL levels.
Additionally, ounce gold stood at $4,270, half gold at 22,003 TL, full gold at 43,630 TL, and Gremse gold at 109,410 TL.
Reasons for the weekly decline
The appreciation of the dollar and the rise in US Treasury bond yields stood out as the main drivers behind the weekly decline in gold.
The strengthening of the dollar exerted pressure on gold demand, paving the way for a drop in prices.
Impact of Fed policies
Fed policies, which remain in the focus of the markets, and potential hawkish steps continued to be decisive on gold prices.
Statements from Fed officials indicated that additional interest rate hikes might be required in the fight against inflation.
Other precious metals
Expectations of weekly losses were also prominent among other precious metals in the market, with changes observed in prices.
While spot silver experienced a decline, platinum recorded an increase, and palladium lost value.