Gold Prices Decline as Fed Minutes Are Awaited
As markets focus on the US Federal Reserve's minutes, spot gold lost 0.7 percent in value, dropping to 4,134 dollars.
While global financial markets focus on the meeting minutes containing clues about the US Federal Reserve's monetary policy, the price of spot gold declined under the pressure of rising the dollar and bond yields.
Markets Focus on Fed Minutes
Global markets are locked on the meeting minutes that will provide new signals regarding the US Federal Reserve's monetary policy. In these minutes, to be released at 21:00, the evaluations by Fed members regarding inflation and interest rate policy are being closely followed.
Decline in Gold Prices
Remaining under the pressure of upward movement in the dollar and bond yields, the ounce price of gold recorded a 0.7 percent decrease, retreating to the level of 4,134 dollars.
Course of Stock Markets and Technology Shares
Ahead of the earnings season in the US, profitability expectations were priced positively in stock markets, reaching record levels on the New York Stock Exchange led by technology, and significant value gains were seen in chipmaker shares.
Statements by the CBRT Governor
Central Bank of the Republic of Turkey Governor Fatih Karahan stated during his presentation at the Grand National Assembly of Turkey Planning and Budget Committee that there have been recent outflows from money market funds, but these outflows have largely been directed towards deposits.