Profit-taking in gold prices: Gram gold retreats to 6,638 TL
In global markets, ounce gold has pulled back to $4,110 due to profit-taking ahead of US inflation data, while gram gold is trading at 6,638.95 TL. Investors are awaiting critical data that will shape the Fed's interest rate policy.
Gold prices, which started the week with an upward trend, lost value as investors turned to profit-taking ahead of the inflation data to be released in the US. While ounce gold retreated from $4,141 levels to $4,110.75, gram gold fell from 6,681.78 TL to 6,638.95 TL.
According to current market data, quarter gold found buyers at 10,854.69 TL, half gold at 21,709.37 TL, full gold (ziynet) at 43,285.97 TL, and Republic gold at 44,785 TL in the Grand Bazaar and free market. Investors are focused on the US Consumer Price Index (CPI) and Producer Price Index (PPI) data, which will be decisive for the Fed's interest rate decisions.
Assessment: Capital.com analyst Kyle Rodda attributed the pullback in prices to profit-taking, noting that the decline in oil prices could have a positive impact on the market. Financial analyst Islam Memiş stated that the $4,000-$4,200 range for ounce gold and the 6,500-7,000 TL range for gram gold are being monitored, adding that he maintains his expectation for a medium-to-long-term rise.
Sources
- sabah.com.tr · Link