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Profit Taking in Gold Market: Retreat from Peak Levels

Gold prices have declined from record levels due to profit-taking. One ounce of gold is trading around $3,327. Gold prices retreated from peak levels due to the decreasing tension in global trade and profit-taking by investors. Gold traded within a narrow range today in the US and Europe as markets are closed for the Easter holiday. After hitting a record of $3,358 yesterday, gold was priced below $3,300 on the new day. Trade talks between the US, Japan, and Italy have eased tensions in the markets. US President Donald Trump expressed reluctance to continue increasing tariffs on China. Trump claimed that Beijing made several attempts to reach a deal. China announced its willingness to continue trade talks under certain conditions. Meanwhile, Federal Reserve Chairman Jerome Powell stated that the Fed would wait for more clarity before adjusting interest rates due to tariff uncertainties. Trump criticized Powell for being too late in cutting interest rates, demanding his dismissal. How much is a gram of gold in Turkish Lira? Gram gold is trading at 4,069 lira today, while quarter gold is changing hands at 6,656 lira.

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