After the US inflation data, which came in the previous day, ounce gold continues to rise today. Ounce gold, which tested below $1,900 2 weeks ago, gained value with the CPI data that came below the expectations in the USA. The movement in ounces was also reflected in the gram gold price, which is followed closely by domestic investors.
Starting the new week at $1,924 an ounce, gold has gained 2% since Monday. Dollar-based gold is at $1,961 as of 10.40 p.m.
Although most experts welcomed the short-term move, they drew attention to the opportunity cost. Interest rates that are already high are causing investors to lose interest in risky assets such as gold. GoldSilver Central analyst Brian Lan commented that the price could retest around $1,800 an ounce.
You can find the gold predictions of other analysts that we shared as Kriptokoin.com.
Latest Status in Gram Gold Price!
Ounce gold, which rose with the positive expectations from the USA, also affected the gram price. A record-breaking gram gold has been selling for 1.648 TL as of the moment.
Why Is Gold Rising?
Inflation data for the month of June in the United States showed that inflation is in a downward trend. This has raised hopes that the Federal Reserve will soon stop tightening monetary policy. The Fed raises interest rates to control inflation. High interest rates put pressure on gold.
However, the decline in inflation increased the expectations that the FED would not continue to increase interest rates. Positive expectations were reflected in the precious metal.
In particular, investors in our country see gold as a safe haven against inflation. However, high interest rates make it difficult for gold prices to rise. If the Fed continues to raise interest rates, the precious metal could fall further.
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