It had been breaking record after record: How did gold start the new week?
Gold prices started the new week with an upward trend. As investors await US-China trade talks and the Fed's interest rate decision, activity in the gold market continues.
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Inflation data expected to influence the US Federal Reserve's (Fed) interest rate decision and trade negotiations between the US and China are among the issues investors are closely following. The inflation data to be released this week could have a significant impact on the markets.
Spot gold started the week with an upward trend, climbing as high as 4,274 dollars before stabilizing at 3,266 dollars, an increase of 0.37 percent. Spot silver is trading at 52.23 dollars, up 0.3 percent.
STABILIZATION IN THE GOLD MARKET
Capital.com analyst Kyle Rodda stated that the gold market is trying to find its balance following last week's sell-off. Rodda expressed that the US-China talks and the upcoming inflation data from the US will be influential on gold prices.
US President Donald Trump's statement that high tariffs on Chinese goods are not sustainable has caused fluctuations in gold prices. Trump said he would meet with Chinese President Xi Jinping and that he believes relations will progress in a positive direction.
In the markets, the Fed is expected to implement a quarter-point interest rate cut in October and another cut in December.
EXPECTATION OF A RISE IN GOLD
SG Hiscock & Co. portfolio manager Rory Hunter predicts that the upward trend in the gold market will continue. Hunter noted that small gold companies still offer an attractive investment opportunity.
CURRENT GOLD PRICES
- Gram gold: 5,742 TL
- Quarter gold: 10,059 TL
- Republic gold: 40,053 TL
- Ounce gold: 4,264 dollars
- Half gold: 20,119 TL
- Full gold: 39,910 TL
- Gremse gold: 100,081 TL