Gold Prices in the US Enter Recession as Data is Suspended

Gold prices have been on a rollercoaster ride in global markets, with the expectation of a US Federal Reserve interest rate cut causing a rapid rise followed by a stagnation due to negative employment data.

The market saw ounce and gram gold prices reaching historical high levels as anticipation mounted for a rate cut in June. However, as data from the US economy indicated higher-than-expected unemployment figures, the positive momentum was disrupted, leading to a stable trend in gold prices.

An ounce of gold opened the day at $2182, fluctuating between $2176 and $2184 throughout the day. Meanwhile, commission-free gram gold started at 2246 lira and is currently trading at 2178 lira, with the lowest and highest levels at 2240 and 2251 lira respectively.

In the Grand Bazaar, gram gold is being bought for 2409 liras and sold for 2433 liras. The uncertainty surrounding the Fed’s interest rate cut decision continues to influence market trends, highlighting the impact of economic data on gold prices.

Stay tuned for more updates on this developing story.

 

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