Fluctuations in Gold Prices
Yesterday, with the decrease in the ounce price, the gram price of gold fell to 2,537 lira. However, at the end of the day, it was traded at 2,581 lira, down 1.08% compared to its previous close. Today, the gram of gold, which started with a decrease, is at 2,574 lira as of 09:50, down 0.50% compared to its previous close.
At the same time, quarter gold is being sold for 4,310 liras, and Republic gold is being sold for 17,172 liras. The ounce price of gold, which was on a downward trend yesterday, closed the day at $2,410 with a 1.32% loss, has now decreased by 0.30% compared to its previous close, falling to $2,402.
Concerns about a recession in the US caused sharp declines in risky assets, including global stock markets, yesterday. This situation brought to the agenda the possibility of the US Federal Reserve (Fed) holding an emergency meeting and cutting interest rates in order to calm concerns in the markets.
Analysts have expressed concerns that the Fed’s imminent decision to cut interest rates could increase concerns about the course of the economy and therefore create panic in the markets. Such a situation could be interpreted as the Fed losing control of the markets, and the steps it will take in the short term are an important part of investors’ agenda.
The ounce price of gold is also decreasing due to uncertainties in global markets. It is thought that geopolitical risks and expectations of a possible interest rate cut by the Fed may support the ounce price of gold.
Today, foreign trade balance data in the US and retail sales figures in the Eurozone will be monitored. From a technical perspective, the resistance level in the ounce price of gold is $2,435, while the support level is $2,350.
