Gold Prices Drop Amid Rising US-China Trade Tensions and Global Software Disruption
Gold prices are a focal point for investors today, with both gram and quarter gold prices experiencing significant fluctuations. As of July 19, 2024, the prices have been impacted by the escalating US-China trade tensions, uncertainties surrounding the US presidential election, and a global software crisis.
On the final trading day of the week, the price of gold per ounce dropped nearly 2%, settling around $2,402. This decline has also affected the prices of gram and quarter gold. Currently, gram gold is trading at ₺2,186, while quarter gold is being exchanged at ₺4,186.
Global Market Impact
The global markets have been heavily influenced by a software disruption stemming from CrowdStrike, a cybersecurity service provider for Microsoft. This issue has led to significant service outages at airports, banks, and hospitals, primarily in Germany, the UK, the US, and Australia. CrowdStrike has stated that the problem has been identified and isolated, with CEO Kurtz noting that while many systems are rebooting, some may take longer to fully recover. The disruption caused CrowdStrike’s shares to plummet by 18%, while Microsoft’s shares saw a decline exceeding 2%.
Political and Economic Factors
Additionally, uncertainty over whether President Joe Biden will remain in the presidential race has created negative sentiment around gold. Heightened trade tensions between the US and China, coupled with underwhelming economic data from China, have also contributed to increased market volatility, particularly affecting technology stocks and further pressuring gold prices.
Source: NTV / Prepared by Irem Yildiz