Gram gold trading at 1,974 liras

The price of gram gold, which gained value in parallel with the rise in the ounce price yesterday, completed the day with a 1.48 percent increase at 1,963 liras.

After starting the new day with a gain in value, the price of gram gold is at the 1,974 lira level as of 10:40 AM, with a 0.6 percent increase. As of the same minutes, quarter gold is being sold at 3,310 liras and Republic gold at 13,500 liras.

Analysts stated that investors' cautious behavior continues following the Christmas holiday, and that strong expectations that the US Federal Reserve (Fed) could begin interest rate cuts in March of next year are affecting asset prices.

Pricing in money markets indicates that the end of the Fed's 2-year inflation fight is approaching, and this situation supports a buying-weighted trend in both equity and bond markets.

The US 10-year bond yield tested its lowest level since July 20 at 3.78 percent. Thus, the US 10-year bond yield, which saw its highest level in the last 16 years at 5.02 percent in 2023, has declined by approximately 10 basis points since the beginning of the year.

These developments also brought about the highest daily closing in history for gold. Yesterday, the ounce price of gold completed the day with a 0.5 percent increase at 2,078 dollars. Continuing its upward trend in the new day, the ounce price of gold, which rose to 2,086 dollars with a 0.4 percent gain in value, is supported by falling bond yields reducing the alternative cost of gold.

Reporting that weekly money and bank statistics will be monitored domestically today, and wholesale inventories and weekly jobless claims in the US will be monitored abroad, analysts noted that from a technical perspective, the 2,100 and 2,150 dollar levels are resistance, and the 2,070 and 2,050 dollar levels are support positions for the ounce price of gold.

News Source: 12punto