Gram gold climbs to 6,806 liras: Strongest weekly gain in seven months on ounce basis

Spot gold rose 7.4% last week to reach $4,342, marking the strongest weekly gain recorded in markets since January 19. After testing $4,435 on Tuesday morning, spot gold settled at $4,415.

In the domestic free market, gram gold traded at 6,770 liras in the morning session; it climbed to 6,806 liras during the day. In the previous week, gram gold had been trading around the 6,400 lira band; the approximately 400 lira increase brought quarter-ounce gold to nearly 2,000 liras in added value.

The rally was not limited to gold alone: Silver's spot price rose 10.2% for the week to $63.54; on Tuesday morning, it was testing the $64 threshold.

Markets are tracking two main factors: the U.S. Federal Reserve's interest rate cut schedule and geopolitical tensions in the Strait of Hormuz. U.S. July inflation data to be announced Wednesday could reshape investor rate expectations and, in turn, gold prices.