Rapid recovery after sharp decline: Gold ounce surpasses 5 thousand dollars again

After hitting a record high of 5 thousand 595 dollars last week and experiencing a historic drop exceeding 14 percent, the gold ounce has climbed back above 5 thousand dollars due to incoming purchases; a rising trend is also notable in gram gold and silver. Gold prices also recorded their largest daily increase since November 2008.

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Rapid recovery after sharp decline: Gold ounce surpasses 5 thousand dollars again

While the gold ounce rose to 5 thousand 595 dollars last week, reaching an all-time high, it experienced a sharp decline following this sudden surge. On January 31, the gold ounce lost 14.11 percent of its value, falling to 4 thousand 600 dollars. This fluctuation was recorded as the sharpest single-day drop in gold prices in the last 46 years.

Purchases made following the sharp decline pushed the needle back up for gold. Continuing its rise since the beginning of the week, the gold ounce has surpassed 5 thousand dollars again. The gold ounce is currently hovering around 5 thousand 66 dollars.

GRAM GOLD

Gram gold moved between 6 thousand 490 liras and 6 thousand 897 liras during the day yesterday. As of now, gram gold is trading at 7 thousand 86 liras.

In the Grand Bazaar, the selling price of gram gold has reached 7 thousand 655 liras.