Gold Prices Increased Due to Concerns Caused By The Delta Variant

Gold prices increased due to concerns caused by the delta variant. Investors turned their eyes to the Fed meeting.

Gold prices rose on concerns as gold investors awaited the Town Hall meeting on Tuesday, where Fed Chairman Jerome Powell will answer questions from educators and students. Gram gold was also affected by global gold prices. While gold investors focus on the economic slowdown that may result from the delta variant in China, they will carefully monitor Fed Chairman Jerome Powell's messages regarding the asset purchase reduction calendar at the Town Hall meeting on Tuesday. The increase in delta variant cases may obscure the outlook for economic recovery, leading to a later-than-expected start of the asset purchase reduction program. This situation is expected to support gold prices in the short term.

Ounce Gold

Following the stronger-than-expected non-farm employment data in the US, the ounce of gold, which fell below $1,700 in intraday transactions, rose to $1,786, compensating some of its losses on concerns that the delta variant might suppress the economic recovery.

Gram Gold

Stuck between the decline in the USD/TL exchange rate and the fluctuating course in global gold prices for a week, gram gold is hovering around 486 TL, supported by the rise in global gold prices, despite the USD/TL rates decline to 8.46.