Gold prices started the week with a sideways movement.

The gram of gold is trading at 2,922 lira after starting the week with a horizontal trend. On Friday, the gram price of gold, which followed a sales-weighted trend parallel to the ounce price, completed the day with a decrease of 0.4% compared to the previous closing, at 2,923 lira. The gram price of gold is currently at 2,922 lira, just below the previous closing, as of 09:40. At the same time, a quarter gold is being sold for 4,970 lira, and the Republic gold for 19,810 lira. The ounce price of gold, which followed a sales-weighted trend on Friday, is currently at 2,657 dollars, down 0.1% compared to the previous closing.

PRICES MAY FALL AS CONCERNS EASE

Although there are still uncertainties about whether the fight against inflation worldwide will result in a recession and concerns arising from conflicts in the Middle East, the recently announced macroeconomic data is helping to keep worries limited in the markets. Experts comment that with the reduction of global risks, gold prices may shift to a downward trend from their peak.

Analysts state that the signals from the employment-weighted data to be announced this week could be decisive regarding the steps the Federal Reserve (Fed) will take in the upcoming period, and it is expected that these data will provide more information about the direction of the U.S. economy. On the other hand, while the expectations for a 75 basis point cut by the Fed by the end of the year remain strong in the pricing of money markets, a 50 basis point rate cut is anticipated with a 54% probability in November.

Analysts indicate that today, the Domestic Producer Price Index (H-PPI) and monthly money and bank statistics will be monitored domestically, while inflation in Germany and the Dallas Fed manufacturing index in the U.S., as well as speeches by Fed Chairman Jerome Powell and ECB President Christine Lagarde, will be followed abroad. They also reported that technically, the support level for the ounce price of gold is at 2,630 dollars, while the resistance level is at 2,680 dollars.