Gram Gold Price Declined

Gram gold price declined on October 26. The ounce gold price was once again 1,800 dollars.

Gold prices are trading above $1,800 amid concerns that inflation will persist and the rally in stocks boosts the overall optimism in the market. Gram gold, on the other hand, dropped below 560 TL with the decrease in USD/TL despite the gold prices that remained high. While the Fed's growth forecasts suggest that positioning may be dangerous, assuming that prices will be temporary, former Treasury Secretary Lawrence Summer, in a post on Twitter, noted that unless policymakers fully accept the reality of inflation, they will not be successful in tackling it. Fed Chairman Jerome Powell said in his speech on Friday last week that the economic recovery is "very unstable" and that inflation may be more persistent than expected. Emphasizing that it is early to increase interest rates, Powell said, "We are patient and very careful." Gold, which was fluctuating until the middle of last week, was as high as $ 1,810 an ounce before Powell's speech on Friday. The ounce of gold, which fell after the speech, has been trading around $ 1,800 since the beginning of the week. After starting the week at 530 TL, gram gold broke its record in November 2020 by finding support largely from the rise of the USD/TL exchange rate. Then, with the dollar rate climbing above the 9.70 level and the rise in global gold prices, gram gold reached above 565 TL. After the decline in the USD/TL rate, gram gold is hovering around 556 TL on Tuesday.