Gold Prices Surge: Gram Gold Hits ₺2245 Mark, Quarter Gold at ₺3770, Republic Gold at ₺15310

Gram gold is traded at ₺2 thousand 245. Quarter gold coin is sold for ₺3 thousand 770, Republic gold coin is sold for ₺15 thousand 310

A gram of gold is traded at ₺2 thousand 245 after starting the new day with a horizontal course.

Yesterday, the gram price of gold, which gained value in parallel with the increase in the ounce price of gold and the dollar exchange rate, completed the day at ₺2 thousand 244 with a 0.7% premium.

After starting the new day with a horizontal course, the gram price of gold is at the level of ₺2 thousand 245, just above the previous closing, as of 10.20. As of the same minutes, quarter gold is sold for ₺3 thousand 765, and Republic gold is sold for ₺15 thousand 310.

The ounce price of gold is also trending horizontally and finds buyers at $2,170.

While uncertainty continues regarding the timing and pace of interest rate cuts expected to begin this year by the US Federal Reserve (Fed), the cautious tone of the Fed officials’ guidance yesterday had an impact on asset prices.

Analysts reported that after the cautious guidance of Fed officials, the probability of the bank’s first interest rate cut in the money markets decreased to 70% in June. During this period, the probability of the Fed reducing interest rates was at 75% before the bank officials’ statements.

Stating that the intensive data agenda will be followed along with the verbal guidance of Fed officials throughout the week, analysts stated that especially growth data and personal consumption expenditures, which the Fed considers as an inflation indicator, may give signals about the steps the bank will take in the coming period.

Analysts stated that the data agenda is calm in the country today, while abroad, the US durable goods orders, housing price index, consumer confidence index and Richmond Fed Industrial Index data will be followed, and noted that $2150 and $2120 are support levels in the ounce price of gold, and $2190 and $2220 are resistance.

Source: Patronlardunyasi / Prepared by Irem Yildiz

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