Quarter gold is sold at 3,270 liras, Republic gold at 13,260 liras

The gram price of gold, which gained value in parallel with the rise in the ounce price yesterday, completed the day with a 0.58 percent increase at 1,935 liras.

The gram price of gold is at the 1,950 lira level with a 0.8 percent increase as of 10:15, after starting the new day with a gain in value. As of the same minutes, quarter gold is being sold at 3,270 liras and Republic gold at 13,260 liras.

The ounce price of gold, on the other hand, has stabilized at the 2,070 dollar level with a 0.1 percent loss in value at the moment.

Analysts stated that the strong expectations that the US Federal Reserve (Fed) could start interest rate cuts in March of next year continue to affect asset prices.

It is considered certain that the "hawkish" steps taken within the scope of the fight against inflation, which has been ongoing for about 2 years, will be replaced by interest rate cuts next year.

While it is estimated that the Fed will lead these steps on a global basis, March continues to stand out for the first interest rate cut in money market pricing, despite the verbal guidance of Fed members.

While these developments continue to support the bullish trend in bond markets, the US 10-year bond yield is hovering near its lowest level since July at 3.88 percent.

This situation helps the upward trend in the ounce price of gold to continue.

Analysts, who stated that the data agenda is calm domestically today and that the Richmond manufacturing industry index data in the US will be followed abroad, noted that technically, the 2,080 and 2,100 dollar levels are resistance, and the 2,050 and 2,030 dollar levels are support for the ounce price of gold.

News Source: 12punto