Ounce gold price declined in October

While ounce gold was at approximately 4,165 dollar levels on Friday, October 16, it pulled back to around 4,120 dollars on Tuesday, October 20. Following the sharp losses in September, a lasting recovery could not be achieved in October either.

Ounce gold pulled back to around 4,120 dollars on Tuesday, October 20. Found at approximately 4,165 dollar levels on Friday, October 16, gold could not achieve a lasting recovery in October following the losses in September. In Turkey, as of October 20, using an ounce price of approximately 4,120 dollars and a dollar exchange rate of 49.58, the theoretical gram value of pure gold corresponded to approximately 6,568 liras.

In the US, September consumer inflation reached 3.7% annually and 0.6% monthly; a 9.1% increase in gasoline prices accounted for more than half of the monthly inflation, and core inflation rose 0.3% monthly. While the US Federal Reserve, which raised the policy rate by 25 basis points in September, is expected to keep rates unchanged at its October 27–28 meeting, the probability of a new hike in December reached approximately 90% in market pricing. In September, the US ten-year Treasury yield rose 53 basis points while the dollar index gained approximately 2%. The People's Bank of China, on the other hand, purchased 23 tons of gold in September and 63 tons in the third quarter, bringing its official gold reserves to 2,410 tons.