Horizontal movement in gold prices

On the first trading day of the week, gold prices were at 1702 TL on the gram side.

Despite the fall in the price of an ounce of gold on Friday, the price of a gram of gold, which gained value in parallel with the rise in the price of the dollar, ended the day at 1,701 liras, 0.4 percent above the previous close.

After starting the new week with a flat course, the price of a gram of gold traded at 1,702 lire, just above the previous close at 11:30 a.m. In the same minutes, a gold quarter was sold for 2,800 liras, and a gold Republic for 11,290 liras.

LAST WEEK ABANDONED

The price of an ounce of gold, which closed the day in 1962 dollars down 0.4 percent on the last trading day of last week, is currently trading in 1964 dollars, 0.1 percent above its previous close.

Analysts noted that global markets began the week cautiously as monetary policy decisions by US, European and Japanese central banks are due to be announced, adding that the effect of the inflation-recession dilemma on asset prices continues.

THESE DEVELOPMENTS WILL BE FOLLOWED

Noting that the US Federal Reserve’s (Fed) monetary policy decisions to be announced on Wednesday and Fed Chairman Jerome Powell’s post-meeting guidance are in the focus of investors, analysts said there are still questions about whether the Bank will end its “hawkish” steps after this meeting.

While the Fed is considered certain to raise the policy rate by 25 basis points in pricing in money markets, the policy rate is forecast to remain constant with an 81 percent probability at the September 20 meeting.

The analysts pointed out that the data agenda is quiet in the country and that the data from the Purchasing Managers’ Index (PMI) of the US manufacturing industry and the services sector will be followed abroad, noting that from the technical point of view, the price of an ounce of gold in 1950 dollars is in the support position, and the 1980 and 1990 dollars in the resistance position. (AA)