Gold and silver rise for the ninth consecutive week, new records set

Precious metals posted their ninth consecutive week of gains in global markets, reports Gündem Kıbrıs. During the week, the price of gold in US dollars rose, reaching an intraweek high of $4,379.42 per ounce and ending the week at around $4,250 per ounce.

The demand for safe-haven assets was supported by trade tensions between the US and China and uncertainty over a possible shutdown of the US federal government. Increased expectations of interest rate cuts following statements by Federal Reserve Chair Powell also contributed to the rise in metals.

In Turkey’s domestic market, the publication notes, the quarter gold coin (çeyrek altın) ended the week above 10,000 lira, gold per gram exceeded 5,725 lira, and the Republic gold coin (Cumhuriyet altını) reached 41,172 lira. Silver set a new all-time high of $54.71 per ounce and closed the week at around $52 per ounce.

There were also notable changes in the prices of other metals during the week: palladium rose by 5.3%, silver by 3.8%, gold by 5.8%, and platinum by 4.9%. Among base metals on the over-the-counter market, copper gained 3.4%, aluminum 0.9%, nickel 0.7%, zinc 1.9%, while lead fell by 2.3%.

For local residents, this means the continued high cost of gold jewelry and coins in the domestic market and the need to take current exchange rates into account when buying or selling precious metals.