Ounce gold and gram gold prices reach 2 thousand 996 liras, recording new peak

Gold prices surged on October 19, 2024, driven by geopolitical risks and dovish actions from central banks. The price of gold per ounce hit a record high of $2,722, influenced by developments such as the Israel-Palestine conflict and the upcoming U.S. presidential elections. Year-to-date, gold has gained 31.8%, marking its best annual performance since 1979.

Gold prices in Turkey also reached new highs, with gram gold at 2,996 TL, quarter gold at 4,791 TL, and the Cumhuriyet gold coin at 19,530 TL. Half gold traded at 9,795 TL. U.S. presidential election uncertainties and expectations of Federal Reserve interest rate cuts are further impacting gold prices.

Bank of America forecasts that gold may reach $3,000 per ounce in the first half of 2025. Analysts expect continued demand for gold as a safe-haven asset.