Quarter gold is sold at 3,240 liras, republic gold at 13,190 liras

The gram price of gold, which lost value in parallel with the rise in the ounce price on Friday, completed the day with a 0.73 percent increase at 1,929 liras.

The gram price of gold is at the 1,932 lira level with a 0.1 percent increase as of 10:40 AM, following its start to the new week with gains. As of the same minutes, quarter gold is being sold at 3,240 liras and republic gold at 13,190 liras.

The ounce price of gold is currently stabilizing just below its previous close at the 2,053 dollar level.

The year 2023, which saw hawkish steps in the first half as part of the fight against inflation, is concluding with dovish expectations gaining strength and forecasts that interest rate cuts could be initiated by the US Federal Reserve (Fed) in March of next year.

While pricing in money markets suggests an 85 percent probability that the Fed will begin lowering the policy rate in March, signals from macroeconomic data are expected to be influential on the bank's steps.

As concerns over inflation lose strength, demand for bonds has increased, while the US 10-year bond yield, after seeing a 16-year high of 5.02 percent during the year, is positioned just above last year's closing level at 3.90 percent in the final week of the year.

While the ounce price of gold is seen to be benefiting from the buying trend in bond markets, it is preparing to make its highest annual close of all time. The ounce price of gold, which finished last week at 2,053 dollars, is moving in a narrow band on the first trading day of the new week due to the London and New York stock exchanges being closed.

Analysts, stating that the data agenda is quiet today, noted that from a technical perspective, the 2,060 and 2,055 dollar levels are resistance, and the 2,030 and 2,020 dollar levels are support for the ounce price of gold.