Record series under Gram – Bloomberg HT
Gold is getting ready to have its best week since the beginning of April.
Spot gold is trading at $79 per ounce. According to the calculations made by applying the ounce gold and interbank rate, gram gold continues to be traded at 1,329 TL after reaching a new record level of 1,332 TL.
Quarter gold is sold at 2,180 lira, and Republic gold at 8,810 lira.
The precious metal was flat on Friday after gaining 1.7 percent this week. Investors reduced their pricing for further tightening after the data flow showed improvement in controlling inflation.
While US manufacturing data released on Thursday pointed to a decline in prices and new orders, experts predict a slowdown in the hiring rate in the US when nonfarm payrolls data is released.
Stephen Innes, Managing Partner of SPI Asset Management, noted that if softer employment data comes in on Friday, the data will not be enough to lower global growth expectations and this will be interpreted negatively for the dollar against the currencies of developing countries.
Innes added that if weak employment data comes in, it will be positive for gold and the precious metal will become the best investment option.
It is evaluated that raising the upper limit of government spending in the agreement to increase the US debt limit may increase the risks of an economic downturn that will help support spot gold.
It is stated that this situation may reduce the possibility of the Fed to continue tightening and have a positive effect on gold. After the deal was passed in the House of Representatives, it was also passed in the Senate on Thursday.
