A gram of gold is traded at ₺1950 after starting the week with a decline.
The gram price of gold, which gained value in parallel with the increase in the dollar exchange rate and the ounce price of gold on Friday, completed the day at ₺1961 with an increase of 0.3%.
After starting the new week with a decrease, the gram price of gold is at the level of ₺1950, with a decrease of 0.6% as of 10.15. As of the same minutes, quarter gold is sold for ₺3 thousand 270, and republic gold is sold for ₺13 thousand 310.
The ounce price of gold is currently trading at $2,032 with a 0.6% loss in value.
Analysts stated that the demand for gold decreased with the increasing expectations that the US Federal Reserve (Fed) may reduce interest rates later than expected, and said that the inflation data to be announced in the US this week may increase volatility.
Although expectations remain strong that the hawkish policies that major central banks around the world have been pursuing for the last 2 years within the scope of fighting inflation remain strong, uncertainties regarding the size and timing of interest rate cuts continue.
FIRST INTEREST REDUCTION MAY BE REALIZED
According to the pricing in the money markets, it is certain that the US Federal Reserve (Fed) will keep the policy rate constant at the January meeting, while it is predicted that there is a 65% probability that it will make the first interest rate cut at the March meeting.
Analysts stated that today the treasury cash balance will be followed domestically and the unemployment rate and retail sales data in the Eurozone will be followed abroad, and noted that technically, the levels of $2 thousand 20 and $2 thousand in the ounce price of gold are support, and $2 thousand 40 and $2 thousand 60 are resistance.
Source: Patronlardunyasi / Prepared by Irem Yildiz