Gold Prices Declined on the First Trading Day of the Week
Gold prices faced selling pressure at the beginning of the new week. Gram gold traded at 6,572 liras, while the ounce price also declined.
Gram gold started the first trading day of the week with a loss in value, trading at the 6,572 level. Ounce gold recorded a 2.6 percent drop.
Current Levels in Gram and Ounce Gold
After starting the day with a loss in value, gram gold is finding buyers at the level of 6,572 liras with a 2.6 percent decrease compared to the previous close as of 09:30.
On Friday, gram gold had completed the day with a 0.39 percent increase compared to the previous close at 6,745 liras. At the same minutes, the ounce price of gold is trading at 4,173 dollars with a 2.6 percent drop.
Prices of Other Gold Types
Along with the general downward trend in the markets, declines were also observed in the selling prices of other gold types.
At the same minutes, quarter gold is being sold at 10,780 liras, and Republic gold at 42,940 liras.
Impact of Geopolitical Tensions
U.S. President Donald Trump's rejection of Iran's 7-day ceasefire proposal to open the Strait of Hormuz to traffic increased geopolitical risks.
Following this statement by Trump, expectations for a near-term ceasefire between the U.S. and Iran weakened, and oil prices resumed their rise.
Macroeconomic Developments and Fed Expectations
Energy supply risks in the Middle East and strong macroeconomic indicators in the U.S. continue to heighten inflation concerns.
Forecasts that the U.S. Federal Reserve will maintain its hawkish stance increase demand for the dollar, creating selling pressure on gold prices.
Data Agenda of the Day
Market analysts state that the domestic data agenda will remain calm today.
Abroad, it is noted that the September Dallas Fed manufacturing index to be announced in the U.S. will be closely monitored by investors.