New record under gram

Gold rose on statements that the global economy will slow down in 2023. While spot gold is trading around $1,840, gram gold broke a record by reaching 1,109 TL. Gold rose on the first trading day of the new year as investors turned to the precious metal as a safe haven amid growing concerns that the global economy will continue to slow in 2023. Spot gold is trading at $1,840 in the markets. Gram gold, on the other hand, broke a record at 1,109 TL and is finding buyers at 1,107 TL on the trading day. International Monetary Fund (IMF) Managing Director Kristalina Georgieva warned on Monday that the global economy is facing “a more challenging year than the one we left behind.” The IMF chief added that one-third of the world economy is expected to enter recession due to the simultaneous slowdowns in the US, EU and China. Meanwhile, European Central Bank Governing Council Member Joachim Nagel said that additional measures should be taken to curb rising price expectations and bring inflation back to the bank's 2 percent target.