Gram gold starts the new week with a record
Gold rose ahead of bond auctions in the US, surpassing the critical threshold of 2,000 dollars, while a new record was set for gram gold.
12punto
Gold prices rose ahead of US bond auctions that could provide clues regarding bond yields.
Spot gold tested levels above 2,018 dollars on the first trading day of the new week.
Based on the calculation using the dollar/TL exchange rate and the ounce price of gold in the spot market, gram gold reached an all-time high of 1,872 TL.
The bond auctions are expected to provide an indicator of whether the US bond market is ready for a meaningful recovery. The auction cycle, which will begin with two-year and five-year bond sales on Monday, will help gauge whether investors are confident that the sell-off in bonds this year is continuing on its normal course.
Most Wall Street strategists predict that the recent trend of lower yields, which is generally positive for non-interest-bearing gold, will continue in 2024, driven by broad-based gains in the bond market.
On the other hand, data on personal income, core prices, and weekly jobless claims to be released toward the end of the week in the US will likely provide clues about the trajectory of the interest rate path. Analysts stated that statements to be made by US Federal Reserve (Fed) Chair Jerome Powell this week and growth data to be released in the US will be the focus of the markets.