Quarter Gold Reaches 4,200 TL Amidst Market Volatility
As of today, July 15, 2024, quarter gold prices have risen to ₺4,200, while the gram gold price is trading at ₺2,559, following a morning uptick. Despite a drop in the ounce price of gold on Friday, the rising dollar exchange rate helped gram gold finish the previous day 0.5% higher at ₺2,562.
This morning, gram gold started strong but slightly dropped by 0.1% to ₺2,559 at 10:50 AM. Quarter gold is currently selling at ₺4,200, and Republic gold is priced at ₺16,736. The ounce price of gold is currently $2,406, down 0.2% from the previous close.
Market Influences and Economic Outlook
Over the weekend, an assassination attempt on former US President Donald Trump, a Republican presidential contender, has influenced asset prices as markets weigh the potential implications of his possible re-election. Analysts are also focused on the European Central Bank’s (ECB) interest rate decision this week.
Today, investors will be paying close attention to statements from Federal Reserve (Fed) Chairman Jerome Powell. Expectations that the Fed might start cutting rates this year remain strong, and Powell’s remarks could offer further insights into the Fed’s future policies.
Key economic data to watch today includes industrial production in the Eurozone and the New York Fed manufacturing index in the US. Analysts note that technically, resistance levels for gold are at $2,420 and $2,450 per ounce, while support levels are at $2,400 and $2,350 per ounce.
Source: NTV / Prepared by Irem Yildiz