Gold starts the day with a decline

The gram price of gold, which gained value yesterday in parallel with the rise in the dollar exchange rate and the ounce price of gold, completed the day at 1,661.2 liras, 0.3 percent above its previous close.

The gram price of gold is trading at 1,659 liras, 0.1 percent below its previous close as of 11:00, after starting the new day with a decline. At the same time, quarter gold is being sold at 2,725 liras and Republic gold at 11,000 liras.

Analysts stated that investors are acting cautiously ahead of the inflation data to be announced in the US tomorrow.

Reminding that if inflation data comes in above expectations, the possibility of the US Federal Reserve (Fed) going for one more interest rate hike by the end of the year may increase, analysts reported that pricing in money markets suggests it is considered certain that the Fed will keep the policy rate constant at its September meeting.

Analysts noted that the domestic data agenda will be quiet today, while the ZEW expectations index in Germany and the Eurozone will be monitored abroad, and stated that from a technical perspective, 1,910 and 1,900 dollars stand out as support levels for the ounce price of gold, while 1,930 and 1,940 dollars stand out as resistance levels.

News Source: 12punto