Gram gold continues to break records: It has surpassed 7 thousand liras
Geopolitical tensions in global markets, the depreciation of the US dollar, and expectations of interest rate cuts by the Fed have driven investors toward safe havens, leading to new highs in gold, silver, and platinum.
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On Friday, gold prices accelerated their rise in international commodity markets, while silver and platinum also reached unprecedented levels. Spot gold climbed 0.75 percent to $4,953 per ounce, breaking its record once again with $4,966.59 in intraday trading. Gold futures contracts gained 1.1 percent to trade at $4,964.60.
Spot silver gained 0.9 percent to reach $97.01 per ounce, hitting its highest level to date at $97.44 during the day. Platinum rose 1.4 percent to $2,665.85 per ounce, refreshing its historical record at $2,684.43 during the session. Meanwhile, palladium fell 0.1 percent to find buyers at $1,917.50.
A similar wave of growth was observed in gram gold. Driven by the upward movement in ounce gold, gram gold gained 1 percent to surpass the 6,900 lira band, reaching an all-time high of 6,922 lira during the session.
The economic developments observed in the US for some time have been influential in the background of this sharp volatility experienced in recent days. In particular, the strong trend in consumer spending in October and November indicated that the country's economy is maintaining its growth path firmly. Conversely, the trend of "low hiring and firing" in the labor market continues. All these indicators caused the American dollar to retreat to its lowest points in the last two weeks. With the weakening of the dollar, the demand for precious metals priced in dollars also increased.
Experts point to the impact on markets of expectations that the US Federal Reserve will make two 25-basis-point interest rate cuts in the second half of the year. It is emphasized that the attractiveness of gold, which does not provide a yield, increases in such a monetary policy environment.
On the geopolitical agenda, European Union leaders expressing their concerns regarding US President Donald Trump's approach to Greenland and the partial easing of diplomatic tension following an emergency summit held in Brussels stood out. The details of Trump's claim that the US has obtained "permanent and full access" to Greenland within the framework of an agreement reached with NATO have not yet been clarified. Denmark once again emphasized that they do not allow any room for discussion regarding the sovereignty of the island.