Gold Prices Rise Ahead of Crucial US Economic Data
Gold prices are a focal point for investors as they continue to fluctuate. As of July 24, 2024, gram gold is trading at ₺2,552, while quarter gold is priced at ₺4,193. The increase in gold prices is partly driven by the anticipation of critical economic data releases in the United States.
Spot gold saw a 0.31% rise, trading at $2,417 per ounce, influencing the domestic gold rates significantly.
Investors are particularly focused on the upcoming data from the US Federal Reserve, which could impact the timing of interest rate cuts. Key economic indicators, including the second-quarter GDP figures set to be released on Thursday and the core personal consumption expenditures (PCE) data on Friday, are eagerly awaited.
Market speculation suggests the Federal Reserve may implement two rate cuts in the latter half of the year, putting downward pressure on the dollar. However, uncertainties surrounding the upcoming presidential elections in the US are preventing the dollar from significant losses.
Predictions indicate a 95% probability of a rate cut by the Fed in September, with an overall reduction of 62 basis points expected for the year.
In the corporate sector, US tech giants Tesla and Alphabet reported mixed financial results. Tesla announced its lowest profit margin in over five years, with a 45% decline in net profit for the second quarter compared to the same period last year. Conversely, Alphabet posted a 14% increase in revenue and a 28.6% rise in net profit for the second quarter.
Source: NTV / Prepared by Irem Yildiz