Today’s Gold Prices: Gram Gold Hits ₺2.399 on June 7, 2024

Gold prices are drawing keen interest from investors today. As of June 7, 2024, the price of gram gold has risen to ₺2,399 after starting the day on an upward trend. Quarter gold is trading at ₺3,921, and Republic gold is priced at ₺16,338.

The price per ounce of gold increased by 0.9% yesterday, closing at $2,377, and is currently trading at $2,312.

Analysts highlight that despite the growing anticipation of the U.S. Federal Reserve (Fed) starting interest rate cuts this year, the uncertainty regarding their roadmap is causing asset prices to fluctuate. Attention is particularly focused on the employment report data to be released today.

Recent data from the U.S. suggests a cooling in the long-robust job market, which has weakened the Fed’s position on maintaining high interest rates. If the non-farm payroll data also falls short of expectations, the likelihood of the Fed beginning rate cuts in September could increase.

With these developments, the probability of the Fed making its first rate cut in September is being priced at 81%, and the likelihood of a second cut in November at 83%, rising to 90% in December.

Analysts note that today’s agenda includes monitoring the domestic treasury cash balance and significant economic growth data from the Eurozone. Technically, they identify support levels for gold at $2,350 and $2,330 per ounce, with resistance at $2,380 and $2,400.

Source: NTV / Prepared by Irem Yildiz

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