Gold Prices Fall Again: Gram Gold is Trading at 6,210 Lira

Gram gold started the new trading day with a decline and is trading at 6,210 lira.Yesterday, gram gold lost value in line with the decline in gold prices per ounce and completed the day 0.3% below the previous close at 6,268 lira.The eyes are on the Fed, and gold is once again in a downward trend. Gold fell below $4,130 per ounce but managed to maintain most of its gains from last week as investors await the minutes of the Fed's June meeting for new clues on interest rates.The data announced last week showed that job growth in the US slowed sharply in June, and the payroll figures for the previous two months were revised downward, which led to a decrease in market expectations for a rate hike in the near term.Investors are now pricing in a 50% chance of a rate hike by the Fed in September, down from about two-thirds before the latest employment report. The precious metal also found support from the decline in oil prices due to the recovery in traffic through the Strait of Hormuz following the US-Iran interim peace agreement.Meanwhile, Middle Eastern producers have increased production and lowered prices in response to changing market conditions, and OPEC+ has agreed to increase production quotas for next month.