Gold at 3-week high

As investors continue their search for a safe haven in global markets, an upward movement has been observed in gold prices once again. Growing expectations that the US Federal Reserve (Fed) will cut interest rates at its final meeting of the year have supported the ounce price of the precious metal.

Additionally, developments regarding the reopening of the US government following the approval of a temporary budget have created optimism in the markets, increasing demand for gold.

OUNCE AND GRAM GOLD AT 3-WEEK HIGH

On the first trading day of the week, gold per ounce rose to 4,149 dollars, reaching its highest level in the last three weeks. In the morning session, the spot gold price increased by 0.7 percent to reach 4,142.83 dollars per ounce. This figure was recorded as the highest level seen since October 24.

Domestically, gram gold is trading at 5,633 Turkish Lira in the free market. In the Grand Bazaar, gram gold is being sold at 5,840 Turkish Lira, while quarter gold found buyers at 9,525 Turkish Lira.

INTEREST RATE CUT EXPECTATIONS SUPPORT PRICES

According to experts, the direction of gold prices will be shaped by the decisions made at the Fed's meeting in December. The strengthening of expectations for an interest rate cut in the market increases the possibility of seeing new records in gold per ounce.

The increasing probability that the Fed will take a easing step has caused investors to turn to gold once again.

END OF US GOVERNMENT CRISIS RELIEVES MARKETS

The resumption of federal government operations in the US following the approval of a temporary budget has created relief in global markets. This development led to a slight weakening of the dollar on a global scale, while enabling investors to turn to gold as a safe haven.

News Source: 12punto