First Trading Day Figures for Gold and Oil Prices
While gram gold trades at the level of 6,840 lira, the barrel of Brent oil reached 97.82 dollars in line with US-Iran tension and OPEC+ decisions.
Starting the new week with a loss in value, gram gold finds buyers at 6 thousand 840 liras, while the barrel price of Brent oil rose to 97.82 dollars due to military tensions in the Middle East and the OPEC+ group's decision not to go for additional production increases in October.
Latest Situation in Gold Prices
Following a decline at the start of the new week, gram gold is trading just below the previous close at 6 thousand 840 lira levels as of 09:25. At the same minutes, quarter gold is being sold at 11 thousand 195 lira, and Cumhuriyet gold at 44 thousand 573 lira.
Ounce Gold and Fed Expectations
The ounce of gold loses 0.9 percent of its value due to interest rate hike forecasts and the strengthening dollar index, finding buyers at 4 thousand 389 dollars. In money markets, expectations that the US Federal Reserve (Fed) might raise interest rates are being monitored.
Rise in Oil Prices
The November futures barrel price of Brent oil increased by 1.6 percent compared to the close, rising to 97.82 dollars. The October futures barrel price of West Texas Intermediate crude was determined at 92.80 dollars.
Tension Between the US and Iran
News flow indicating that the tension between the US and Iran continues and concerns that conflicts might escalate are effective in the rise of oil prices. Military mobility in the region keeps the risk perception alive in the markets.
OPEC+ Group Production Decision
The decision of 7 OPEC+ group member countries not to go for an additional production increase in October is having an impact on prices. Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman agreed to maintain their September production levels.
Strait of Hormuz and Corridor Expectation
The announcement that Iran and Oman will sign an agreement in the coming days regarding the creation of a new corridor in the Strait of Hormuz partially eases shipment concerns in the region and limits the rise in prices.