Gold prices stabilize as gram gold trades at ₺2,746 and quarter gold at ₺4,498. Investors await U.S. inflation data and potential Fed rate cuts.
Gold prices have remained relatively stable as of September 10, 2024, with gram gold priced at 2,746 TL and quarter gold trading at 4,498 TL. The market is focused on upcoming inflation data from the U.S., which could influence the Federal Reserve’s interest rate decisions.
Latest Gold Prices (September 10, 2024)
- Gram Gold: 2,746 TL
- Quarter Gold: 4,498 TL
- Republic Gold: 18,070 TL
- Gold Ounce Price: 2,509 USD
Gold opened the day with little movement, following a previous day of mostly buying activity. The global markets remain optimistic, buoyed by the expectation that the Federal Reserve (Fed) may initiate rate cuts in the near future. Analysts forecast a potential 25-basis-point reduction this month, with a total of 100 basis points expected by the end of the year.
Global Economic Sentiment
- Inflation Concerns:
Investors are closely watching inflation figures from the U.S., which are expected to be released tomorrow. A higher-than-expected inflation rate could push the Fed to cut rates, a move that would have significant implications for the gold market. Lower interest rates typically boost the appeal of gold as a safe-haven asset. - Recession Fears vs. Inflation:
While inflation remains a concern, global markets are increasingly focused on the risk of recession. Recent signals from bond markets, particularly in the U.S., have suggested that the economy could be entering a period of stagnation. The yield spread between the 10-year and 2-year U.S. Treasury bonds has returned to positive territory, a potential indicator of an upcoming recession.
U.S. Federal Reserve Rate Cut Projections
- Market Pricing: There is a 73% chance that the Fed will lower rates by 25 basis points this month.
- Year-End Outlook: By the end of 2024, total rate cuts could amount to 100 basis points.
Technical Analysis of Gold Prices
- Support Level for Gold Ounce: $2,450
- Resistance Level for Gold Ounce: $2,530
Analysts believe that the $2,450 mark is a key support level, while $2,530 serves as resistance. A breakthrough in either direction could signal significant market movements in the near term.
Key Takeaways for Gold Investors:
- Gram Gold Price: Stable at 2,746 TL.
- Quarter Gold Price: Holding at 4,498 TL.
- U.S. Inflation Data: A key indicator that could influence the Federal Reserve’s rate cut decisions.
- Global Recession Fears: Bond market signals are raising concerns about a potential economic slowdown.
Gold continues to act as a haven for investors seeking stability in uncertain times. As central banks around the world take steps to mitigate the risks of recession, gold prices are likely to remain in focus.
Source: NTV / Prepared by Irem Yildiz