Records under the gram continue

Gold continued its rise for the fourth day as speculations that the Fed will soften its hawkish stance increased and recession warnings provided safe haven support. Gram gold saw a new record level of 1,115 TL. Gold continued its rise for the fourth day as the decline in bond yields increased the attractiveness of the precious metal. Spot gold reached $1,850 per ounce on Wednesday after closing at its highest level since June with a 0.9 percent increase in the previous session. Gram gold also broke a record by exceeding 1,115 TL. Speculations that the Fed will soften its hawkish stance, the dollar ending 2022 almost unchanged and the decline since the beginning of November are the main factors that are effective in gold finding support. Recession warnings that have been voiced more intensely for major economies in recent days and the severe virus wave experienced with the easing of measures in China are also increasing safe haven demand for the precious metal. US employment data indicating that wage pressures are easing will be followed this week. The tight labor market has become a major force driving inflation, prompting the Fed to execute its most aggressive tightening cycle in decades.