Gram gold at historical high

Gram gold prices rose to 1254.5 liras, which is the historical high

With the ounce of gold reaching the level of 2026.85 dollars, gram gold prices also increased rapidly. Ounce of gold started the day at 2020 dollars. During the day, it saw the lowest level of 2019 dollars and the highest level of 2028.42 dollars. It is currently trading at 2024 dollars.

GRAM GOLD ALSO REACHED HISTORICAL HIGH LEVELS

Gram gold prices also reached a historical high with the effect of the rise in gold. Gram gold started the day at 1248 liras. During the day, the lowest level was 1247 lira and the highest was 1255.8 lira. Currently, gram gold is getting buyers for 1254 liras.

TAKES A STRONG POSTURE

After the banking crisis in the USA, the possibility of the Fed to slow down the rate of interest rate hike increases the demand for OPEC+ to cut production and raise the price of oil, and as a result, the possibility of rising inflation in the USA.

OIL PRICES TRIGGED RISE

The rise in oil prices, which re-emerged the risk of recession, supported gold. Dynamic Investment Securities Research Specialist Ceyhun Yavaş commented on the movement in gold prices.

Here is that assessment

We followed the banking crisis in the USA in the past weeks, followed by the decline in the interest rate hike policy towards the Fed, which had an impact on gold prices. The surprise production cut decision seen by OPEC yesterday also brought up the risk of recession. According to the US data released today, we think that the number of vacant jobs has fallen below 10 million and durable goods orders have fallen by 1 percent, and that these developments have caused a decline in the dollar index and strengthened the recession possibilities.

The probability of interest rates has increased in gold

Pointing out the possibility of the Fed leaving the interest rate hikes aside and entering the path of interest rate cuts, Ata Yatırım Treasury Manager Yalaz Özkanlı said that gold was rewarded with this development.

Özkani commented as follows:

Factory orders in the US contracted by -0.7 percent in February. With this latest data, US factory orders contracted for the third time in the last four months. After the data, US bond yields decreased by 10 basis points for maturities of 4 months and beyond. This decline indicates that due to the recession risks in the markets, the Fed further embraces its prediction that it will start interest rate cuts this year. The expectation that the dollar interest rates will decrease caused the US currency to weaken, causing the parity to rise as high as 1.0950. Accordingly, we observe that gold prices have risen to the level of $2,020.

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