Minister Yellen’s Effect on Gold Prices

Gold prices fell with comments from US Treasury Secretary Janet Yellen's higher interest rates.

Minister Yellen's effect on gold prices. Gold investors focused on the statements of US Treasury Secretary Janet Yellen that high interest rates could be good. However, global gold prices started the day with a decline on Monday. Following the fact that the non-farm employment data in the USA came below expectations and Yellen's comments, gold prices started the first trading day of the new week with a decrease. Gram gold, on the other hand, maintains its levels of last week with the increase in USD/TL exchange rate despite the decrease in global gold prices. The increase in non-farm employment in the US economy was 559 thousand in May. Economists participating in the survey compiled by Bloomberg expected this data to come as 675,000. Gold prices, on the other hand, retreated slightly after rising more than 1% after non-farm employment data. Gold investors, on the other hand, turned their attention to the comments of Janet Yellen on the incentive package and interest rates. Yellen, who underlined that US President Joe Biden should insist on the 4 trillion dollar spending package, stated that high interest rates can also be good.

Ounce Gold

Having completed four weeks in a row with gains, ounce gold finished the week with a loss for the first time, after ending May with an increase of more than 7 percent. Starting the new week with a 0.4 percent decline, ounce gold is trading at $1,883.

Gram Gold

The gram gold, which was traded in a narrow price range of 520-529 TL last week, closed the week with an almost horizontal course. Despite the decline in global gold prices, gram gold limited its decline after the USD/TL rate increased by 1.23%. Gram gold started the first trading day of the new week around 526 TL.