Gold Prices Today: Quarter Gold Prices on July 9, 2024

Quarter Gold Prices Today: Current Quarter Gold Rates on July 9, 2024… Latest Update on Quarter Gold Prices…

Gold opened the day with an uptick, trading at ₺2,489 per gram.

Quarter gold is selling at ₺4,071, while the Republic gold coin is priced at ₺16,380.

The price of gold per ounce is currently trading at $2,360.

Amid uncertainties surrounding future actions by the US Federal Reserve (Fed), investors are closely watching Federal Reserve Chairman Jerome Powell’s verbal cues.

Following mixed signals on economic activity from last week’s US data, investors are exercising caution ahead of Powell’s statements today and tomorrow, along with Thursday’s inflation figures.

Analysts noted indications of continued economic slowdown in the US, with Fed officials maintaining a cautious stance on interest rate cuts. They highlighted that Powell’s remarks and signals from inflation data could strengthen clues about the Fed’s future steps.

According to data released yesterday, short-term inflation expectations among consumers decreased by 0.2 percentage points to 3% in June, while consumer credit in the country saw an unexpected increase to $11.3 billion in May, surpassing expectations.

In pre-speech market pricing, there is an 81% probability of the Fed making its first interest rate cut in September, with a 78% chance of starting rate cuts in November. There is a 98% likelihood of a second rate cut in December following a potential initial rate reduction by the bank.

Analysts highlighted that today’s domestic data agenda remains calm, with attention turning internationally to Federal Reserve Chairman Powell’s verbal guidance. From a technical standpoint, analysts identified resistance levels at $2,400 and $2,420 for gold per ounce, with support levels at $2,350 and $2,320.

Source: NTV / Prepared by Irem Yildiz

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