Gold Started the Day Lower, Trading at 6,565 Turkish Lira per Gram.
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Gold prices fell due to rising oil prices, increased inflation, and higher interest rate expectations. The price of an ounce of gold dropped below $4,100 for the first time since October 14th, reaching $4,091. The price of a gram of gold fell as low as 6,529 Turkish Lira during the day.
With gram gold trading at 6,592 TL, the market is under scrutiny for those waiting for prices to fall before buying gold, as well as those worried about their existing gold losing value. While there's talk of a potential rebound after the recent drop, analysts note that there's no definitive sign of recovery yet. Two critical price levels for ounce gold offer clues about the market's direction.
Gold is trading at 6,565 Turkish lira as of 09:20 today, down 0.10 percent, under pressure from geopolitical risks in the Middle East and high inflation expectations.
The downward trend in the gold market continues. Globally, the price of gold per ounce has fallen for the fourth consecutive trading day, while domestically, the price of gold per gram is trading below 6,600 Turkish Lira. Investors are focused on the Fed's interest rate decision and global economic developments.
As of 09:20, gram gold is trading at 6,565 Turkish Lira, down 0.10 percent from the previous close. At the same time, quarter gold is selling for 10,786 Lira, Cumhuriyet gold for 42,941 Lira, while ounce gold is at $4,116, down 0.2 percent.
Gold prices, declining for the fourth consecutive trading day, approached the $4,100 mark, testing their lowest level of the week. Gram gold started the day at 6,565 TL.
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