Ounce gold saw its highest level in the last 1 year. The rise in ounces, traded at $2,027, was also reflected in grams of gold. Gram gold rose to the highest level in history, to 280 liras. An ounce of gold had reached the level of 2 thousand dollars in March 2022, in the early stages of the Russia-Ukraine war. The US Federal Reserve's (FED) interest rate policy and the data announced in the US are effective on the rise in gold per ounce.
In the domestic market, the interest in gold, which is seen as a safe haven, continues. In the Grand Bazaar, gram gold is sold for 280 lira, quarter gold for 2 thousand 96 lira, half gold for 4 thousand 192 lira, full gold for 8 thousand 352 lira.
Talking about the rise in gold, Kemal Tekneci, a tradesman in the Grand Bazaar, said, “Ounces of gold had reached these levels in the early periods of the Russia-Ukraine war. Now it has risen due to recession concerns in the USA. The risk in US banks increases the demand for gold. The crises in the world cause gold to rise. Inflation risk in the USA is also reflected as an increase in gold. Gold is always a safe haven. It is the most trusted mine of the states,'' he said.
Speaking about the situation in the domestic market, Tekneci said, "Right now is very new. Since we were in the month of Ramadan, there was not much activity in the domestic market. As we enter the summer season, the demand for gold in the domestic market increases during the wedding season. Citizens show demand for gold, quarter and half gold for investment. Demand for gold is constantly in the domestic market. "Gold is a long-term investment," he said.
