Investors Track Current Gold Rates Amid Fed Chairman Powell’s Statements
Gold prices have piqued investor interest today, with queries about the current prices of gram and quarter gold. How much are gold prices today? Here are the latest figures for gram and quarter gold on July 16, 2024… Gold prices saw an uptick following expectations of interest rate cuts after Federal Reserve (Fed) Chairman Jerome Powell’s recent remarks.
The price of gold per ounce traded at $2,443, marking an increase of 0.83%.
Gram and quarter prices benefited positively from the rise in the price of gold per ounce.
Gram gold reached a record high of ₺2,605, while quarter gold changed hands at ₺4,258.
According to data from the U.S. Department of Commerce, retail sales in June remained unchanged from the previous month, totaling $704.3 billion.
Federal Reserve Chairman Jerome Powell mentioned that recent inflation data for the second quarter in the U.S. showed sustainable decline towards the Fed’s target of 2%.
Powell did not provide a specific timeline for interest rate cuts.
Markets are pricing in a 25 basis point interest rate cut by the Fed in September, with a total expected reduction of 68 basis points by year-end.
The U.S. Department of Commerce reported that retail sales in June remained unchanged from the previous month, totaling $704.3 billion.
The IMF maintained its global economic growth forecast at 3.2% for this year. The organization revised up its growth expectation for Turkey from 3.1% to 3.6%.
Source: NTV / Prepared by Irem Yildiz