Gold is at its highest level in 3 weeks
Gold prices rose to the highest level in 3 weeks due to the impact of US data supporting the interest rate cut by the US Federal Reserve (Fed).
Gold rose to its highest level in almost three weeks, helped by US data that supports the view that the Fed will start easing monetary policy this year.
Spot gold is trading at $2,368 per ounce, up 0.9 percent on the last trading day of the week. According to the calculation made based on the dollar/TL and ounce price, gram gold is at the level of 2 thousand 458 TL.
Although gold prices have stabilized after a record high in mid-April, they are up 14 percent this year.
The number of initial jobless claims released on Thursday rose to its highest level since August, signaling that the country’s labor market is cooling. Fed officials had said that it was essential to keep inflation under control before making interest rate cuts.
In a note published by ANZ Group Holdings Ltd., ANZ Group Holdings Ltd. stated that it predicts that gold will approach $2,500 per ounce by the end of the year, and that the rise of the precious metal will continue with the support of strong demand from China. The note also noted that the country’s persistently strong consumption challenges historical sensitivity to high prices.