Gold Prices Rise: Ounce Exceeds $4,100, Gram Exceeds 6,600 Lira
On the first trading day of the week, gold prices continued their rise driven by global market developments. Ounce gold reached record levels, hitting $4,134, while gram gold saw 6,668 lira.
Gold prices maintained their upward trend on the first trading day of the new week, exceeding the $4,100 threshold on an ounce basis and 6,600 lira on a gram basis.
Ounce gold, which started the week at $4,060, rose to $4,134 during the day. Gram gold, which started the day at 6,558 lira, finished by seeing the 6,668 lira level. According to current data, quarter gold is trading at 10,924 TL, half gold at 21,841 TL, full gold at 43,002 TL, and Republic gold at 43,521 TL.
The decline in oil prices was effective in this volatility in gold prices. Statements by US President Donald Trump regarding the nuclear program and Strait of Hormuz talks with Iran put pressure on oil prices. The decrease in energy costs is expected to ease inflationary pressures.
Assessment: Strong employment data released in the US is shaping expectations for the Fed's interest rate policy. The decline in the unemployment rate to 4.1 percent increased the market's probability of a 25 basis point Fed rate hike to 81 percent. Investors are awaiting inflation data to be released this week for clarification on the Fed's monetary policy.
Sources
- rudaw.net · Link