Gold Prices Today: Current Rates for Gram and Quarter Gold as of May 23, 2024

Investors are closely monitoring gold prices. The current rates for gram gold and quarter gold as of May 23, 2024, have been announced. So, what are the gold prices today?

Gold prices have fallen for the third consecutive trading day following the release of the US Federal Reserve (Fed) minutes.

An ounce of gold decreased by 0.35% to around $2,370.

The prices of gram and quarter gold have been influenced by both the ounce gold price and the Dollar/TL exchange rate.

Gram gold is currently hovering around ₺2,444. Quarter gold is trading at ₺3,994.

Market Reaction to Monetary Policy

Markets have retreated as they evaluate signs that officials in major economies are adopting a patient stance towards monetary easing, with inflation remaining high.

Inflation Focus in Fed Minutes

The minutes from the Fed’s monetary policy meeting on April 30 and May 1 were published yesterday. While Fed officials acknowledged that the latest inflation data was disappointing, they expressed the belief that price pressures would decrease, albeit slowly.

According to the minutes, participants continue to expect inflation to return to 2% in the medium term, though they noted that the decline in inflation may take longer than anticipated.

Decreased Expectations for Interest Rate Reductions

The Fed’s more tightening stance than expected, along with lower-than-expected inflation data from the UK and a stringent assessment of inflation issues by New Zealand’s central bank, has led investors to lower their expectations regarding the pace and scale of global interest rate cuts anticipated this year.

The dollar index, which measures the dollar against six major currencies, fell 0.02% to 104.88.

Source: NTV / Prepared by Irem Yildiz

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