Gram Gold Prices Reach ₺2409 Amid Weekly Increase

Gram gold is traded at ₺2409 after starting the week with an increase.

The gram price of gold gained value in parallel with the increase in the ounce price of gold on Friday and completed the day at ₺2399 with an increase of 2.1%.

After starting the new week with an increase, the gram price of gold is at the level of ₺2409, 0.4% above its previous closing, as of 11.30 am. At the same time, quarter gold coin is sold for ₺4200, and republic gold coin is sold for ₺16500.

While the ounce price of gold is currently finding buyers at $2337 with a 0.3% gain in value, it also renewed its peak level by rising to $2354 during the day.

Analysts stated that the demand for gold increased as the expectations that the US Federal Reserve (Fed) will start reducing interest rates in the second half of the year continue to remain strong, and that the intense data agenda, especially the inflation data to be announced in the USA this week and the interest rate decision of the European Central Bank (ECB), has become the focus of investors.

Stating that inflation data in the USA may cause changes in the pricing in money markets, analysts reported that the CPI in the USA is expected to increase by 0.3% monthly and 3.4% annually in March.

Analysts stated that the data agenda is calm in the country today, and that consumer inflation expectations data in the USA will be followed abroad and technically, the levels of $2360 and $2400 in the ounce price of gold are resistance, and $2300 and $2270 are support.

Source: Patronlardunyasi / Prepared by Irem Yildiz

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