Gold Maintained Its Earnings After Inflation Data

Gold prices kept their gains by erasing their weekly losses after the inflation data exceeding expectations.

Gold maintained its earnings after inflation data. Precious metal kept its earnings by erasing its weekly losses after the high inflation data. In addition, gram gold followed the decrease in USD/TL exchange rate despite the rise in global gold prices. In the US, March inflation data revealed the inflationary effects of President Joe Biden's support package, while inflation in the country increased by 0.6 percent monthly in March. Economists who took part in the Bloomberg survey expected that consumer prices in the US for March would increase by 0.5 percent on a monthly basis. Annual inflation was 2.6 percent in March. On the other hand, the expectation for the data in question was at the level of 2.5 percent. In March, it showed the highest level of annual inflation since August 2018.

Ounce Gold

After the ounce of gold dropped to $ 1,725, which started this week with a decline, the US dollar lost strength with the rising inflation in the USA and the US 10-year Treasury bond rate decreased, and it managed to protect its earnings by erasing its weekly losses. Gold prices have increased by more than 0.50 percent since Tuesday, trading at $ 1,742 an ounce.

Gram Gold

Gram gold prices, after rising to the level of 460 TL this week, fell to the level of 452 TL. The depreciation of the USD/TL exchange rate by 0.66 percent since the beginning of the week was also effective in this decline, while the losses in global gold prices played an important role in the decline in gram gold prices.