Latest Gold Prices: How Much is Gold Worth? (June 4, 2024)

4 June 2024 Update: Gram Gold at ₺2,434, Quarter Gold at ₺3,963

Gold prices are capturing the attention of investors, who are closely monitoring the current rates for gram and quarter gold. Following a 1% rise yesterday, gold prices have started the new day on a steady note.

Investors are particularly focused on upcoming employment data from the U.S. Federal Reserve, seeking clues on future policy rate decisions.

Spot gold is trading around $2,348 per ounce, reflecting a slight decrease of 0.09%. The prices of gram and quarter gold, influenced by both spot gold prices and the USD/TRY exchange rate, are at 2,434 Turkish Lira and 3,963 Turkish Lira, respectively.

The U.S. non-farm payroll data, scheduled for release on Thursday, is anticipated to show an increase of 185,000 jobs. In April, the non-farm payroll figure came in below the forecast range of 175,000 to 235,000, indicating a cooling in employment which had bolstered expectations for rate cuts.

This week, both the European Central Bank (ECB) and the Bank of Canada are expected to reduce their interest rates. The ECB is widely anticipated to cut its policy rate by 25 basis points to 3.75%. If this occurs, it would mark the first time in history that the ECB has reduced rates ahead of the U.S. Federal Reserve.

Source: NTV / Prepared by Irem Yildiz

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