Quarter gold on the rise

After hitting record highs following the Fed's interest rate cut, ounce and gram gold prices have resumed their upward trend following yesterday's profit-taking.

Gold has turned upward to a level near its record high following US labor market data that arrived after the Fed's 50 basis point interest rate cut.

The precious metal reached its highest level yesterday, hitting 2,600 dollars per ounce immediately following the Fed's half-point rate cut, which is seen as an aggressive start toward monetary easing.

Gold retreated slightly from its peak yesterday following profit-taking and warnings from Fed Chair Jerome Powell, but resumed its upward movement today.

On the other hand, following the messages delivered in the Central Bank of the Republic of Turkey's (CBRT) interest rate decision, the dollar/TL exchange rate showed a limited upward movement. This movement became another factor supporting the price of gram gold.

Gold has seen an increase of approximately 20 percent this year. Other factors supporting the upward trend in gold include increased purchases from central banks and Chinese consumers, as well as the conflicts in the Middle East and Ukraine.

LATEST ON GOLD

With these developments, spot gold was trading at 2,592 dollars per ounce as of 8:45 AM on the final trading day of the week.

According to calculations based on ounce gold and the dollar/TL exchange rate, gram gold rose to the 2,841 TL level. Quarter gold was trading at 4,645 TL, while Republic gold was trading at 18,525 TL.