Critical Data Released in the US and Europe Caused Gold to Fall! A Loss of 80 Lira per Gram.
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The spot gold price fell by 1% to $4,355.85 per ounce, while US gold futures weakened by 1.2% to $4,407.30.
Gold prices retreated following economic data from the US and Europe. The price of an ounce of gold fell by $50, while the price of a gram of gold dropped by 80 Turkish Lira; both prices subsequently rebalanced.
Gold prices, which started the day higher, fell sharply following economic data from the US. As the dollar strengthened and bond yields rose, sales accelerated, and the decline in the price of gold per ounce was also reflected in the price of gold per gram.
Gold prices retreated after the US Producer Price Index (PPI) rose by 5.4% year-on-year, exceeding expectations, and following the European Central Bank's interest rate hike decision. The price fell by 80 Turkish Lira per gram and 50 US dollars per ounce.
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