Gold Prices Started the Week with a Decline

The dollar and gold started the week with opposing movements. While gold experienced a partial decline, an upward movement was observed in the dollar.

On Friday, the gram price of gold, which followed a buying-weighted trend, closed the day at 2,922 lira, an increase of 0.2% compared to the previous close. After starting the new week with a decline, the gram price of gold is currently at 2,911 lira, down 0.4% from the previous close as of 09:45. At the same time, the quarter gold is being sold at 5,010 lira, and the Republic gold at 19,950 lira. The ounce price of gold, which followed a selling-weighted trend on Friday, is currently at 2,643 dollars, down 0.4% from the previous close.

OPTIMISM DOMINATES GLOBAL MARKETS

As optimism regarding the U.S. economy's potential for a "soft landing" continues to gain strength, this week, the data agenda, especially inflation, is in focus for the markets. Analysts noted that concerns about a recession in the U.S. have decreased following the released employment data, stating that the inflation data to be announced this week is of great importance for the direction of the markets.

EYES ON THE FED'S NOVEMBER MEETING

In the pricing of money markets, the Fed is expected to make a 25 basis point interest rate cut in November. Analysts pointed out that geopolitical developments are also being monitored, indicating that news flow from this front could affect asset prices. They mentioned that today, the treasury cash balance will be followed domestically, while retail sales in the Eurozone will be monitored abroad, stating that technically, the support level for the ounce price of gold is at 2,630 dollars, and the resistance level is at 2,680 dollars.

DOLLAR MOVING UPWARD

The dollar/TL started the day with an increase and is currently trading at 34.2470. On Friday, the dollar/TL followed a horizontal trend, closing just above the previous close at 34.2580. As of 10:15, the dollar/TL is trading at 34.2470, down 0.3%. At the same time, the euro/TL is down 0.1% at 37.6110, and the pound/TL is down 0.2% at 45.9230. The dollar index is currently stable at 102.5.