Ounce and Gram Gold Rise After Recession Pricing

The US economy, which contracted by 1.6% in the first quarter of 2022, contracted by 0.9% in the second quarter and technically entered a period of recession (a significant decline in the economy - recession) as it contracted for two consecutive quarters.

Ounce of gold, which rose after the statements of US Federal Reserve Chairman Jerome Powell yesterday, rose to $ 1,754 today after weak growth data. The expectation that the Fed would raise interest rates by 100 basis points this month as inflation in the US rose to 9.1% caused gold to drop to $ 1,680 during the month, hitting its lowest level of the year. Gold, which stopped its decline as interest rate expectations fell to 75 basis points again, exceeded the $ 1,730 level after Fed Chairman Powell said that the rate of interest rate hikes would be reduced in the coming months. With the expectation that the US Federal Reserve would curb the technical recession (recession) in the US, the precious metal gained more than 1%, whereupon it saw the highest level after July 6 and saw a reduction in its losses during the month. This time, interest rate pressure was felt in gold, which has been observed to be valued and in demand during recession periods in the past days. While the Fed's interest rate hike reduced the attractiveness of gold, demand is expected to revive if the increase in interest rates slows down. Current ounce price of gold: 1,762 dollars Current price per gram of gold: 1.015 Lira