Gold leaves its mark on the week: Ounce tests $4,450, gram reaches record territory

The main agenda in the gold market this week has been macroeconomic data from the US. The fact that July inflation came in line with expectations and the weak signal produced by the employment data released the previous week led to a repricing of interest rate expectations regarding the Fed.

In the US, the Consumer Price Index rose 0.1 percent monthly and 3.4 percent annually in July. It was reported that the non-farm payrolls data pointed to a decrease of 23 thousand, contrary to the expectation of an increase of 80 thousand. Following this picture, it was stated that the market expectation for a Fed interest rate hike had fallen to 40.1 percent, while the probability of interest rates remaining unchanged was priced at 59.9 percent.

While the limited easing in bond yields on the global side supported gold, it was noted that the dollar index maintained its course near the 100 level due to the impact of high oil prices. After closing at $4,408 with a 0.92 percent gain yesterday, ounce gold started the new day with an upward trend.

In early trading, ounce gold tested the $4,450 level and headed toward its highest region in the last 11 weeks. As of 06:00, ounce gold was priced at $4,410, and at 07:59, it was trading at the $4,398 level.

TECHNICAL LEVELS STAND OUT

In analyst assessments, the $4,450 level stands out as a critical resistance. It is stated that the downtrend that began from the peaks seen at $5,600 in January and $5,420 in March is forming resistance in this region as of today.

It is stated that if ounce gold settles above $4,450 and makes a daily or weekly close above this level, the possibility of a technical exit from the downtrend could strengthen. In this scenario, it is emphasized that higher levels could come to the agenda for ounce gold.

In the assessment of Saxo Bank Commodity Strategist Ole Hansen, it was reported that the $4,500 level, which points to the 200-day average, is an important resistance. It was stated that if this level is exceeded, Fibonacci retracement levels around $4,585, $4,690, and $4,860 could be monitored as targets.

In the domestic market, gram gold found support from the rise in ounce gold. On Thursday, August 13, 2026, gram gold tested the 6,834 TL level, seeing its highest level in the last 3 months. Priced at 6,770 TL at 06:00, gram gold was trading at the 6,752 TL level as of 07:44.

News Source: 12punto