Gold Prices Rose With Biden's Statements

Gold prices soared after US President Joe Biden announced his new spending plan.

Gold prices rose with Biden's statements. US President Joe Biden announced his $ 2.25 trillion spending plan. With investors finding hope in these announcements, gold prices increased, recovering from almost the lowest level in the last 9 months. Gram gold, on the other hand, followed the rise in global gold prices and reached over 450 TL. Biden aims to support production in the United States with the $ 580 billion part of the package, and with $ 400 billion, it aims to improve the care of the elderly and the disabled. The 8-year investment plan, which consists of four stages, anticipates an expenditure of 620 billion dollars for transportation, while drawing attention to an expenditure of 650 billion dollars for infrastructure projects such as clean water and fast internet.

Ounce of Gold

While Gold completed the first quarter of 2021 with one of the worst starting performances in the last 40 years, it has closed one quarter with a decline for the first time in the last 9 quarters. With the expectations that Joe Biden's spending plan will fuel inflation and increase the demand for gold, the ounce gold price increased by more than 1.5 percent after the announcements and started to be traded at $ 1,711.

Gram of Gold

Gram gold, which has decreased below the 400 TL level following the decline in the USD/TL exchange rate since the beginning of 2021, increased to almost the 2021 New Year levels with the increase in the USD/TL rate in recent weeks. Gram gold, which followed a fluctuating course throughout the week, followed the rise in global gold prices, while the USD/TL rate remained flat, and started to be traded at the level of 454 TL.