Gold prices at historic high ahead of Fed interest rate decision

The price of gram gold started the day with an increase, finding buyers at 4,892 liras. Having gained value yesterday due to the rise in the ounce price, gram gold closed the day with a 0.8 percent increase at 4,885 liras. As of 09:30 today, it is trading at the 4,892 lira level with a 0.2 percent rise.

HOW MUCH ARE GRAM, QUARTER, AND REPUBLIC GOLD?

While quarter gold is being sold at 8,194 liras, Republic gold has reached 33,026 liras. In global markets, ounce gold started the day with an increase and saw an all-time high of 3,689.45 dollars. It is currently trading at 3,685 dollars with a 0.2 percent increase.

FED DECISIONS SUPPORT GOLD DEMAND

Expectations regarding the US Federal Reserve's (Fed) interest rate cut process are reducing demand for the dollar while providing support to the ounce price of gold. In the markets, it is considered certain that the Fed will lower the policy rate by 25 basis points tomorrow. The expectation that a total of three interest rate cuts could be made by the end of the year is also strengthening the upward trend in gold.

Analysts state that the housing price index and housing sales will be monitored domestically today, while the Zew economic sentiment index and industrial production in the Eurozone will be followed abroad. On the US side, retail sales, industrial production, and capacity utilization rate data will stand out. From a technical perspective, it is noted that 3,700 dollars is being followed as the resistance level and 3,600 dollars as the support level for the ounce price of gold.