Record Increase in Gold Prices
In recent days, gold prices have reached record levels as investors increased their risk appetite due to decreasing recession concerns. The possibility of the US Federal Reserve (Fed) lowering interest rates stands out as a factor that further supports gold prices.
An ounce of gold tested the $2,500 level with an increase of over 1.5%, thus renewing its historical peak and attracting the attention of investors.
Gram and quarter gold prices also followed a parallel course with the strong performance of ounce gold. In particular, gram gold broke a new record by exceeding 2,700 Turkish Liras. Quarter gold prices are traded around 4,415 Turkish Liras.
Investors are eagerly awaiting the speech of Fed Chairman Jerome Powell next week to get clues about the Fed’s possible interest rate cut. The release of economic data in the country has significantly reduced recession concerns.
While analysts are certain that the Fed will make a 25 basis point cut in September, it is stated that a 50 basis point cut is also on the agenda. However, the market currently evaluates the probability of the Fed to cut 50 basis points next month as only 25%; This rate was priced at 55% last week.
Current Gold Prices
| Gold Type | Purchase (TL) | Sales (TL) |
|---|---|---|
| Gram Gold | 2,703.52 | 2,703.77 |
| Quarter Gold | 4,412.00 | 4,484.00 |
| half gold | 8,850.00 | 8,960.00 |
| Republic Gold | 17,675.00 | 17,866.00 |
