Current Updates on Gram and Quarter Gold Prices
The price of gold per gram started the day with a steady trend, hovering around ₺2,445.
Quarter gold is being sold at ₺4,040, while the Republic gold coin is priced at ₺16,080.
Meanwhile, the price of gold per ounce is currently trading at $2,325, down 0.3% from the previous closing.
Analysts noted that statements from Jerome Powell, Chairman of the Federal Reserve (Fed), and Christine Lagarde, President of the European Central Bank (ECB), have become focal points for investors.
With several central banks globally making interest rate cuts in the first half of the year after a long hiatus, the frequency of such measures in the second half remains a key concern impacting asset prices.
Uncertainties surrounding the Fed’s path are complicating investor decisions, with expectations that Powell’s remarks today may provide clues about the bank’s future policies.
Analysts pointed out that recent data from the U.S. indicating economic slowdown, particularly ahead of Friday’s employment report, is expected to provide further insights into the trajectory of the U.S. economy.
Highlighting the significance of economic slowdown in achieving expected inflation levels, analysts also expressed concerns that signs of cooling in the labor market could prompt the Fed to expand its policy measures.
In market pricing, there is a 71% likelihood of a Fed interest rate cut in September, and a 95% probability for November. After a potential rate cut, there is an 80% chance of a second cut at the bank’s December meeting.
Analysts noted that the domestic economic agenda is relatively quiet today, with attention on Eurozone inflation and unemployment data, as well as JOLTS job openings data from the U.S.
Source: NTV / Prepared by Irem Yildiz