As investors await crucial inflation data, gold prices remain steady with gram gold at ₺2,643 and quarter gold at ₺4,326.
Gold prices are holding steady as investors anticipate upcoming inflation data that could influence the Federal Reserve’s next policy move. On August 12, 2024, gold prices remain stable with gram gold trading at ₺2,643 and quarter gold at ₺4,326.
The price of gold has been closely following the performance of gold in ounces, which saw a nearly 1% increase at the start of the week, trading around $2,456 per ounce.
With global economic indicators in focus, investors are also keenly observing data from the US and China for hints on economic growth. The key data point this week will be Wednesday’s inflation figures from the US, which are expected to show a 0.2% rise in both core and headline inflation rates. Core inflation is projected to slightly slow to 3.2% year-over-year.
Market participants remain uncertain about the Federal Reserve’s potential for a significant rate cut next month. The probability of a 50 basis point rate cut in September was recently estimated at 49%, down from last week’s 100% forecast during the recent market sell-off.
Source: NTV / Prepared by Irem Yildiz