'2 thousand dollars' defense in gold

As recession signals intensify, the trend above this level, which has exceeded $2,000 due to safe haven purchases, continued on the last trading day of the week. Gold fell from its highest level in 13 months as investors digested the latest US economic data and its potential impact on the Fed's interest rate hike path. Spot gold is traded at $2,007 per ounce. Gram gold is around TL 1,243. Initial unemployment benefit applications came in above expectations last week, underscoring the headwinds facing the US economy. Data released on Wednesday showed that the US service sector grew at a much slower pace than expected in March, while companies created fewer jobs than anticipated. This week, pricing for interest rate cuts increased in the swap market due to concerns that a recession could occur in the country at the end of this year. This is considered a positive sign for gold, which generally benefits from loose monetary policy and does not yield interest. Gold has entered a new record range after rising in March due to the chaos in the banking sector.