Gram gold trading at 1,855 liras

The price of gram gold, which lost value in parallel with the decline in the ounce price, completed the day with a 1.07 percent decrease at 1,847 liras.

After starting the new day with an increase, the price of gram gold is at the 1,855 lira level as of 10:30 AM, up 0.4 percent. As of the same minutes, quarter gold is being sold at 3,050 liras and Republic gold at 12,465 liras.

The ounce price of gold is currently at the 1,987 dollar level.

While expectations that the US Federal Reserve (Fed) will begin interest rate cuts in March are strengthening, inflation data to be announced in the US today has become the focus of investors.

Analysts stated that the Consumer Price Index (CPI) data to be announced in the US today could increase volatility in asset prices, noting that market expectations are for inflation to remain unchanged on a monthly basis due to the decline in energy prices and to be 3.1 percent annually.

In pricing in money markets, the probability of the Fed starting interest rate cuts in March has risen to 50 percent, while the probability of starting such cuts in May is at the 80 percent level.

Stating that it is considered certain that the policy rate will be kept constant in the 5.25-5.50 percent range at the Federal Open Market Committee meeting, which will begin today and whose decisions will be announced tomorrow, analysts also expressed that the forward guidance of Fed Chair Jerome Powell carries great importance.

Analysts reported that the data agenda is calm domestically today, while abroad, the ZEW expectation indices in the Eurozone and Germany, and inflation data and treasury budget balance data in the US will be monitored, and that technically, the 2,010 and 2,000 dollar levels are resistance, and the 1,990 and 1,980 dollar levels are support positions for the ounce price of gold.

News Source: 12punto