Latest Updates on Quarter Gold Prices Today – July 4, 2024
The price of gold per gram started the day flat and is trading at ₺2,466.
Following yesterday’s increase in the price of gold per ounce, the gram price closed at ₺2,466, up 1.2% from the previous close.
As of 09:40 AM, the gram price of gold remains steady at ₺2,466. At the same time, quarter gold is priced at ₺4,060, while the republic gold coin is selling at ₺16,190.
Meanwhile, the price of gold per ounce is currently trading just below the previous close at $2,355.
Recent economic data from the United States indicating a slowdown in economic activity and signs of cooling in the labor market have increased the likelihood of the Federal Reserve (Fed) cutting interest rates in September, positively impacting asset prices.
According to data released yesterday in the country, private sector employment increased by 150,000 in June, below market expectations. During the same period, annual wage growth also recorded its slowest increase since August 2021, at 4.9%.
In light of these developments, market pricing for a Fed interest rate cut in September has risen to 80%, while the probability of the first interest rate cut in November has decreased to 85%. The likelihood of a second interest rate cut at the bank’s December meeting is now priced at 89%.
Analysts noted that today’s international data agenda is calm, with attention turning domestically to real effective exchange rates and weekly money and banking statistics. From a technical perspective, support levels for the gold ounce price are seen at $2,320 and $2,300, with resistance levels at $2,380 and $2,400.
Source: NTV / Prepared by Irem Yildiz