Gold prices have regained momentum after a prolonged period of stagnation.

The gram of gold is being sold at 2,962 lira after starting the day with an increase. Yesterday, the gram price of gold, which gained value in parallel with the rise in the ounce price, closed the day at 2,951 lira, marking a 0.3% increase compared to the previous close.

NEW UPWARD TREND IN GOLD

The gram price of gold is at 2,962 lira as of 09:40, having gained 0.4% compared to the previous close after starting the new day with an increase. At the same time, a quarter gold is being sold at 4,960 lira, and a republic gold at 19,780 lira. The ounce price of gold is currently trading at 2,650 dollars, reflecting a 0.3% increase compared to the previous close.

TENSIONS IN SOUTH KOREA ALSO AFFECTED PRICES

Globally, the increasing political tension in South Korea and the ongoing conflict between Israel and Lebanon have supported the ounce price of gold, while the verbal guidance expected from Federal Reserve (Fed) Chairman Jerome Powell and European Central Bank (ECB) President Christine Lagarde today is anticipated to affect asset prices.

FED'S INTEREST RATE DECISION WILL BE CRUCIAL

On the other hand, the JOLTS job openings data released in the U.S. yesterday showed that labor demand has weakened but is still ongoing, supporting optimism that the country could tackle inflation without entering a recession.

While uncertainties regarding the path the Fed will take next year make it difficult for investors to make decisions, Powell's verbal guidance today is expected to provide clues about the bank's future policy.

Following these developments, expectations in the money markets indicate a 75% probability that the Fed will cut interest rates by 25 basis points at its last monetary policy meeting of the year, while the U.S. 10-year Treasury yield is currently trading at 4.23%.

2,670 DOLLARS AS A RESISTANCE LEVEL

Analysts stated that today, the report on the real effective exchange rate and price developments in the domestic market, as well as the speeches of Fed Chairman Powell and ECB President Lagarde abroad, along with a busy data agenda including the Producer Price Index (PPI) in the Eurozone and ADP private sector employment in the U.S., will be closely monitored. They noted that technically, the resistance level for the ounce price of gold is at 2,670 dollars, while the support level is at 2,630 dollars.