Gram Gold Surges Past 7,000 Turkish Lira Threshold
Gold prices surged on the last trading day of the week, August 20-21. Spot gold rose to $4,530, pushing gram gold over the 7,000 Turkish Lira (TL) threshold for the first time in four months. This significant milestone occurred after a brief hiatus, with gram gold reaching a high of 7,019 TL.
The upward momentum in gold prices accelerated due to critical technical developments and macroeconomic decisions originating from the US. Spot gold surpassed its 200-day moving average ($4,511), which is a key indicator in technical analysis, sending a strong bullish signal to markets. As a result, gram gold prices in domestic markets saw a rapid increase.
The increase in spot gold price was also attributed to the US Treasury's decision to boost long-term bond buybacks, fueling global demand for gold as a safe haven. This strategic move had a direct impact on precious metals, with gram gold recording a total value gain of over 13% in August.