Today’s Gold Prices: Current Gold Rates as of June 10, 2024

Exploring the Latest Updates on Gold Prices: Gram and Quarter Gold Prices for June 10, 2024

As investors closely monitor the fluctuations in the gold market, the prices of gram and quarter gold remain under scrutiny. On June 10, 2024, the gold market witnessed significant developments, with gold experiencing one of its largest declines in recent years. Gram gold plummeted by 3.5% in a single day, falling below the ₺2,400 mark.

The onset of the new week saw gold’s ounce price starting on a flat negative note, following sharp sell-offs in the United States after the announcement of better-than-expected employment figures last Friday. With a drop to $2,287, the ounce of gold has now stabilized around $2,299.

Despite the decline in the ounce price, the price of gram gold remains balanced due to the rise in the dollar against the Turkish lira. Gram gold commenced the week with a value gain, currently trading at the 2,404 lira level.

Quarter gold is available for purchase at 3,921 lira, while the Republic gold coin is priced at 16,390 lira.

All eyes in the financial world are now turned towards the Federal Reserve (Fed) and the Bank of Japan (BoJ). Analysts note that uncertainties in asset prices persist following the release of better-than-expected non-farm payroll data in the United States and the results of the European Parliament (EP) elections over the weekend.

The focus this week shifts to the interest rate decisions of the Federal Reserve and the Bank of Japan, with analysts expecting statements from Fed Chair Jerome Powell and BoJ Governor Kazuo Ueda to guide asset prices. In the pricing dynamics of the currency markets, the probability of the Fed’s first interest rate cut in September stands at 51%, while it is at 77% for November.

The decline in the price of gold on Friday was attributed to increasing concerns that the Fed would delay its interest rate cut, as well as the decision by the People’s Bank of China (PBoC) to halt gold purchases, which further accelerated the trend.

Analysts highlight a relatively quiet domestic data agenda, while in the international arena, investors will be monitoring the sentiment index data of investors in the Eurozone. From a technical perspective, the support levels for the price of an ounce of gold are observed at $2,250 and $2,230, while resistance levels are noted at $2,320 and $2,340.

Source: NTV / Prepared by Irem Yildiz

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