Gold rises on weak US data

Gold ended its three-day decline due to weakening US economic data and the possibility of a recession. On the cryptocurrency side, Bitcoin's new year's return surpassed gold. Gold ended its three-day decline series and rose after weak US economic data increased optimism that the Fed could ease the intensity of its aggressive interest rate hike cycle. Spot gold is at $1,910 per ounce, while gold per gram is around TL 1,154. Data released in the US on Wednesday showed that retail sales experienced the biggest decline in a year and PPI slowed, while indicating a possible recession and supporting the view that the Fed may act less hawkish. US 10-year bond yields also fell 18 basis points, providing support for the non-interest-bearing precious metal. Spot gold had risen sharply since early November, supported by signs that the monetary tightening cycle in the US was about to end and declines in dollar and bond yields. Oanda Senior Market Analyst Ed Moya said on Wednesday that gold investors have become more interested in short-term growth expectations. On the crypto side, Bitcoin not only started the new year with a rally, but its rate of return also outpaced gold. This turned some of the 76% drop in the Bitcoin-gold ratio over the 12 months leading up to November, a period when the cryptocurrency fell into a bear market, at least temporarily, into an uptrend. The indicator took a serious hit two months ago, falling back to the resistance zones seen in 2018 and 2019.