Quarter gold sells for 3,320 liras

The gram price of gold, which followed a horizontal course on Friday, completed the day at 1,962 liras, just below its previous close.

The gram price of gold is at the 1,980 lira level with a 0.9 percent increase as of 10:20 AM, following its start to the first trading day of the new year with gains. As of the same minutes, quarter gold is being sold at 3,320 liras and Republic gold at 13,530 liras.

The ounce price of gold has also stabilized at the 2,075 dollar level with a 0.6 percent gain at this time.

Analysts stated that geopolitical risks, which remain hot in the Middle East, were effective on asset prices on the first trading day of the year, noting that the increasing risk perception supports the demand for gold as a safe-haven asset.

On the other hand, it is estimated that the employment report to be released in the US this week and the minutes of the US Federal Reserve's (Fed) Federal Open Market Committee (FOMC) meeting could provide clues regarding the bank's future policies.

While expectations that major central banks have reached the end of the hawkish policies they have been pursuing for nearly 2 years as part of the fight against inflation remain strong, question marks remain regarding when and by how much interest rate cuts will occur this year.

In pricing in money markets, it is considered certain that the Fed will keep the policy rate constant at its first meeting of this year, while it is predicted that the first interest rate cut will be made in March with an 85 percent probability.

Analysts stated that the domestic data agenda is quiet today, while manufacturing industry Purchasing Managers' Index (PMI) data will be followed globally, and reported that from a technical perspective, the 2,080 and 2,100 dollar levels are resistance, and 2,060 and 2,040 dollars are support positions for the ounce price of gold.