Gram gold saw 6,688 liras, oil played a role in the rise

While gold prices started the new week with an increase, gram gold saw 6,688 liras in the spot market. Ounce gold reached the level of 4,187.72 dollars before pulling back to 4,176.35 dollars. The drop in oil prices was effective in the upward trend.

While gram gold in the spot market is trading around 6,685 liras with an increase of approximately 0.55 percent, it reached 6,668 liras during the day. The ounce price of silver also recorded a 0.98 percent increase, rising to 57.53 dollars. The decline in oil prices strengthened expectations that the pressure of energy costs on inflation might ease, providing support to gold prices. KCM Trade Chief Market Analyst Tim Waterer stated that a persistent decline in oil or a noticeable drop in US Treasury yields would be positive for gold.

Investors are closely following the US Federal Reserve's (Fed) meeting next week and the personal consumption expenditures price index. On the other hand, US President Donald Trump's decision on exemptions from sanctions and customs tariffs targeting Russia was decisive in the oil market.