Gold Has Turned Upwards Again: Not Seen at This Level in 24 Years - Sözcü Newspaper
5 Articles
5 Articles
Following sharp sell-offs at the start of the week, gold, which had rebounded due to the pullback in oil prices and weakening expectations of a Fed interest rate hike, is attempting to recover. However, the fact that US 30-year Treasury yields have reached their highest level since June 2002 has hampered the price of gold.
The Fed's interest rate pressure and diplomatic uncertainty have put gold on track to close the month with losses. Gold traded around $4,175 per ounce, while gram gold remained at 6,580 Turkish Lira. Markets are now focused on the inflation data to be released in the US today.
Gold, which was trying to recover after the sharp drop at the beginning of the week, faced a new risk due to the rise in US bond yields. Markets are now focused on two critical data releases from the US.
Gold is attempting to recover after the sharp drop at the beginning of the week; as of 06:00 Turkish time, it started the day at $4,180 per ounce and 6,585 TL per gram. Falling oil prices and reduced expectations for a Fed interest rate hike in October have supported the yellow metal. However, the rise in the US 30-year Treasury yield to 5.62%, its highest level since June 2002, is increasing stress on gold. The market is now focused on two crit…
The Federal Reserve's decision and movements in the oil market are prominent factors influencing gold prices. Faruk Erdem, Editor-in-Chief of Takvim Newspaper, stated that 6,500 Turkish Lira per gram of gold has become a critical level, while the price per ounce... [Click here for more]
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