Gold Investors Eye Fed Data and Global Market Trends as Gold Prices Hold Steady
As of today, July 23, 2024, gold prices continue to capture the attention of investors. The price of gram gold stands at ₺2,539, while an ounce of gold is trading at $2,405.
Investors are closely monitoring upcoming data releases from the U.S., seeking clues on the timing of interest rate cuts by the Federal Reserve. Despite the recent announcement of President Joe Biden withdrawing from the presidential race, market reactions have been muted.
The global markets have also entered earnings season, with major companies like Tesla and Alphabet set to release their financial reports after the closing bell in New York.
Market forecasts suggest two rate cuts in the latter half of the year, which has begun to exert pressure on the dollar. However, uncertainties surrounding the U.S. presidential elections have limited significant losses for the currency.
Thursday will bring the release of the U.S. second-quarter growth data, followed by the core personal consumption expenditures data, the Fed’s preferred inflation measure, on Friday.
In Turkey, the Central Bank (TCMB) has maintained the policy interest rate at 50%, in line with expectations. Additionally, the TCMB has introduced a new measure to manage excess liquidity in the market, initiating swap auctions for the sale of Turkish lira against gold and foreign exchange.
Source: NTV / Prepared by Irem Yildiz