Gold prices rose yesterday due to inflation data announced in the US. The ounce of gold and the gram of gold gained value and reached record levels. Gram gold renewed its record once again by rising to 2,555 liras. The ounce of gold is traded at 2,406 dollars.
Current Gold Prices
Gold prices in the Istanbul Grand Bazaar today are as follows:
- Grams of Gold:2,555 liras
- Quarter gold:4,333 liras
- Republic Gold:17,654 liras
- Full Gold:17,337 liras
- Half Gold:8,667 liras
US Inflation Data and Gold Prices
The Consumer Price Index (CPI) data released by the US Department of Labor showed a 0.1% decrease on a monthly basis in June, while increasing by 3% on an annual basis. These figures did not exceed market expectations, and inflation data remained below expectations.
Markets were expecting inflation to rise by 0.1% on a monthly basis and 3.1% annually. However, with the data falling short of expectations, the possibility of the US Federal Reserve (Fed) cutting interest rates increased. This situation is supported by gold prices upwards.
