All eyes on critical economic data in the gold market for the new week
While spot gold ended the week with a 3.4 percent loss at the level of 4,100 dollars, investors focused on four important economic developments to be announced in the new week. The precious metal closed its second consecutive week with a decline under the influence of rising bond yields and a strong dollar.
Spot gold experienced severe selling pressure during the week of September 28 - October 2, losing approximately 3.4 percent in value on a weekly basis, and finished Friday around 4,140 dollars. The main trend in the markets was determined by rising bond yields and a strengthening dollar rather than weak US data.
In the domestic Turkish market, gram gold was directly affected by the drop in the ounce price. According to Grand Bazaar data, the gram selling price of 24-carat bullion gold closed the week with a 1.53 percent loss in value at the level of 6,613 liras. Investors will continue to closely monitor the course of spot gold around 4,100 dollars and the movements in the dollar/TL exchange rate in the new week.
Sources
- dunya.com · Link