The safe haven continues to gain: Historic peak in gold renewed!

Gold prices have reached an all-time high as they once again crossed the 3,000 dollar threshold per ounce. This critical level was first surpassed last Friday, setting a historic record, and the upward trend was observed to continue at the beginning of this week.

Economic fluctuations in global markets, escalating geopolitical risks, and the depreciation of the dollar were cited as factors in this increase. It was noted that demand for gold has gained momentum as investors turn to safe havens in the face of economic uncertainties.

In particular, the increasing pressure of former US President Donald Trump's tariff policies on global trade and the potential negative effects this could have on the economy were highlighted as factors driving investors toward gold.

DOLLAR UNDER PRESSURE

With the latest economic data released in the US falling short of expectations, the dollar was seen to lose value against major currencies. Retail sales and manufacturing data published yesterday signaled a slowdown in the US economy, which reportedly created downward pressure on the dollar and bond yields.

Furthermore, it was noted that the dollar fell to five-month lows due to concerns that rising tensions in global trade could harm the US economy. The depreciation of the dollar was stated to have supported gold prices on the upside.

It was reported that while expectations for a Fed interest rate cut remain unchanged, the possibility of escalating trade wars is another factor strengthening demand for gold.

SAFE HAVEN DEMAND INCREASED

On the other hand, it was emphasized that developments in the Middle East have also been effective in the rise of gold prices. Israel's military operations in Gaza and the attacks carried out by the US in Yemen have increased regional tension, leading investors to turn to gold, which is seen as a safe haven.

It was reported that many international banks have revised their year-end price forecasts upward for gold, which has gained more than 14 percent in value since the beginning of the year.

LATEST STATUS IN GOLD PRICES

As of today, the spot price of gold per ounce rose to as high as 3,015 dollars. Gold per ounce is trading at the 3,010 dollar level, recording an increase of 0.34 percent during the day.

Domestically, it was recorded that the gram price of gold is being sold at 3,550 Turkish Lira. Quarter gold found buyers at 5,905 Turkish Lira, while Republic gold was at 23,142 Turkish Lira.

It was stated that the price of gram gold in the Grand Bazaar is trading at 3,597 Turkish Lira.