Gram Gold Sets Course to Close the Week at Record Levels

As the general uptrend in gram gold continues, it reached a new record level by hitting 2,073 TL today.

After reaching its peak, gram gold retreated slightly in the last hour and is currently finding buyers around the 2,068 TL levels. Rising more than half a point today, gram gold has achieved a new peak with a 2.5% weekly value increase.

The upward movement in the gold market was triggered by the as-expected personal consumption expenditures in the U.S. and the weaker-than-expected initial jobless claims reported yesterday. The price of an ounce of gold broke its weak trend since the beginning of the week and closed yesterday with a nearly 0.5% rise at $2,048. With support from positive China PMI data on the new day, gold continued its rise, reaching the highest at $2,057 today.

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Thus, gold continued the upward trend it started with support found below $2,000 in the middle of last month and began to retest the resistance zone of January and February.

On the other hand, the dollar index, after finding support around the 103.7 levels at the beginning of the week, partially turned its direction upwards, reaching 104 levels after the data announced yesterday, maintaining its positive outlook on a weekly basis. Supported by the dollar/lira, which recorded a 1% value increase this week to reach 31.3 levels, gram gold continues its peak exploration.

source: prepared by Melisa Beğiç

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