Course of Global Markets with Fed Decisions and Earnings Season Expectations
In global markets, while awaiting the Fed's decisions, spot gold is trading below $4,150 and gram gold is below 6,550 TL.
While economic and geopolitical uncertainties persist in global markets, investors have focused on the minutes and interest rate decisions to be announced by the Fed. While the ounce price of gold trades around the $4,150 levels, gram gold retreated from the 6,600 TL threshold.
Positive Course in Global Stock Markets
Profitability expectations ahead of the earnings season, which will accelerate with the financial results to be announced by major banks in the US, supported positive pricing in stock markets yesterday. Record levels were seen on the New York Stock Exchange, led by technology stocks.
Fed Expectations and Minutes
Recently announced macroeconomic data indicated that the labor market in the country has cooled, leading to a softening in inflation risks and contributing to a decrease in hawkish expectations regarding the Fed.
While expectations that the Fed will not change its policy rate this month remain strong in pricing within money markets, an interest rate hike by the bank at its December meeting is seen as almost certain.
Latest Status in Gold Prices
Due to the appreciation of the dollar and rising bond yields, the alternative cost of gold has increased, and its ounce price continues to decline.
Gold and Stock Market in the Domestic Market
Ahead of the Fed minutes, gram gold retreated from the 6,600 TL threshold and continues to be priced below 6,550 TL. Quarter gold trades at 10,748 TL, half gold at 21.489 TL, and full gold at 42,853 TL.
On Borsa İstanbul, the BIST 100 index completed the day with a loss of 0.56 percent at 12,374.26 points.
CBRT Statements
Central Bank of the Republic of Turkey Governor Fatih Karahan made a presentation at the TBMM Planning and Budget Committee.
Fatih Karahan stated in his presentation that outflows from funds were largely directed towards deposits.