Current quarter gold prices and market trends for July 3, 2024…
The price of gold per gram started the day with an upward trend, reaching ₺2,454.
Quarter gold is being sold at ₺4,016, while the Republic gold coin is priced at ₺16,160.
Meanwhile, the price of gold per ounce is currently trading at $2,335, slightly above the previous closing by 0.2%.
Positive remarks on inflation by Federal Reserve (Fed) Chairman Jerome Powell have influenced asset prices, with today’s focus on intensive data including ADP private sector employment in the U.S. and domestic inflation figures.
During a panel at the ECB Banking Forum in Sintra, Portugal, Powell highlighted signs of a deflationary trend resuming after a slowdown in the first quarter, stating, “We have made significant progress in lowering inflation towards our target.”
Powell emphasized the Fed’s desire for more substantial data before beginning to ease monetary policy, aiming for sustainable inflation reduction towards 2%.
Reflecting on economic indicators, Chicago Fed President Austan Goolsbee noted some “warning signs” of economic weakening, underscoring the Fed’s goal to reduce inflation without straining the labor market.
In macroeconomic news from the U.S., the JOLTS job openings increased to 8.14 million in May, surpassing expectations, signaling potential cooling in the job market that could ease pressure on the Fed for a rate cut.
In the currency markets, while the probability of a Fed rate cut in September remains at 71%, expectations for a November rate cut have risen to 97%. The possibility of a second rate cut in December is currently priced at 77%.
Today, analysts anticipate the summary of the Turkish Central Bank’s Monetary Policy Committee meeting domestically, alongside global Purchasing Managers’ Index (PMI) and ADP private sector employment data in the U.S., with technical resistance levels for gold at $2,350 and $2,380 per ounce, and support levels at $2,300 and $2,280.
Source: NTV / Prepared by Irem Yildiz