Yesterday, the gram price of gold, which followed a buying-weighted trend parallel to the ounce price, closed the day at 2,915 lira, an increase of 1% compared to the previous closing. The gram price of gold started the new day flat and, as of 10:00, is at the level of 2,915 lira, showing a flat trend compared to the previous closing. At the same time, the quarter gold is being sold at 4,870 lira, and the Republic gold at 19,420 lira. GOLD IS BEING DRIVEN BY RECESSION FEARSYesterday, the ounce price of gold, which achieved a record closing at 2,657 dollars, is currently at 2,655 dollars, showing a decrease of 0.1% compared to the previous closing. In global markets, the increased risk appetite following the U.S. Federal Reserve's (Fed) initiation of a rate-cutting cycle continues to remain strong despite data feeding recession concerns and geopolitical risks. A SOFT LANDING PHASE MAY BE EXPERIENCED IN GOLDAnalysts stated that despite data indicating a contraction in the manufacturing sector and expanding conflicts in the Middle East feeding risk perception, the expectations of a "soft landing" have strengthened, supporting risk appetite with the Fed's initiation of a loosening cycle. While statements from Fed officials continue, Michelle Bowman, a Board Member who opposed a 50 basis point rate cut, noted that the core measures of inflation are "disturbingly above" the Bank's 2% target and that she will remain cautious in adjusting the policy stance in the upcoming period. PAY ATTENTION TO 2,630 DOLLARS IN GOLDAnalysts indicated that today, in the international arena, weekly mortgage applications and new home sales in the U.S. will be monitored, stating that technically, the resistance levels for the ounce price of gold are at 2,675 and 2,700 dollars, while the support level is at 2,630 dollars.
|