Continuous Increase in Gold Prices – Latest Update
Gold prices continue to soar, reaching new record highs as geopolitical tensions rise. Last week, gold closed at a record high, and this week, it started at an even higher level. The US Federal Reserve’s interest rate cut of 50 basis points last week contributed to the increase in gold prices, reflecting global risk concerns.
Starting the new week at $2,621, an ounce of gold rose to $2,632, testing its all-time high. In Turkey, gram gold also saw an increase, reaching 2,953 lira. Prices in the Grand Bazaar are at 4,821 lira for a quarter gold, 9,634 lira for half gold, and 19,200 lira for full gold.
Gold and Money Markets Expert Mehmet Ali Yıldırımtürk explained that geopolitical tensions are driving the rise in gold prices, preventing the Fed from further reducing interest rates. He predicts that while there may be some pullbacks and corrections, the overall trend will continue upward. Yıldırımtürk also notes that citizens are turning to gold as a safe haven investment to protect themselves from inflation.
Yıldırımtürk points out that gold was at 1,950 lira at the beginning of the year and has now surpassed 2,900 lira, demonstrating its value as a hedge against inflation. He expects gold prices to continue rising, with gram gold likely reaching levels of 3,000 lira in the near future. As tensions escalate and uncertainty grows, the appeal of gold as a reliable asset only seems to be increasing.
