Gold prices are of interest to investors today. People are researching how much a gram and a quarter of gold cost. So, what are the gold prices today? Here are the details for gram and quarter gold prices on June 5.
Gold prices have risen following data indicating a slowdown in the US labor market.
The price of gold per ounce traded around $2,337, showing a 0.48% increase.
Both gram and quarter prices were affected by both the price of gold per ounce and the USD/TRY exchange rate.
The price of a gram of gold hovered around ₺2,452. Meanwhile, the quarter gold changed hands at the level of ₺3,977.
EYES ON EMPLOYMENT DATA
Investors are focusing on employment data to gain clues about the future steps of the Federal Reserve regarding policy interest rates.
Non-farm employment data will be released on Friday, with expectations that employment will increase by 185,000 people.
In the US, job openings, an indicator of labor demand, fell more than expected in April, reaching the lowest level in over three years. This data suggests a weakening in labor market conditions.
EXPECTATIONS FOR RATE CUTS STRENGTHEN
Expectations for a rate cut this year have strengthened following the data. Markets are pricing in a total of 45 basis points of rate cuts for this year.
There is also a 65% probability of a rate cut in September, up from 46% a week ago.
RATE CUTS EXPECTED IN EUROPE AND CANADA
Europe and Canada are expected to cut interest rates this week. It is highly anticipated that the European Central Bank (ECB) will cut its policy rate by 25 basis points to 3.75%.
If this step is taken, the ECB will have cut interest rates before the Fed for the first time in history.
Source: NTV / Prepared by Irem Yildiz