Gold starts the first trading day of the week with a decline
Following developments in the markets, gram gold followed a selling trend while the ounce price also recorded a decline.
Gram gold started the first trading day of the week with a selling trend, trading at the level of 6,833 liras.
Current Status of Gram Gold
Completing Friday with an increase of 0.87 percent at 6,864 liras, gram gold is finding buyers at 6,833 liras as of 09:25 on the first trading day of the new week, down 0.47 percent compared to the previous close.
At the same minutes, quarter gold continues to trade at 11,190 liras in the markets, while Republic gold is trading at 44,554 liras.
Ounce Gold and Global Pressures
The ounce price of gold is also trading at 4,354 dollars with a decrease of 0.6 percent.
Geopolitical risks originating from the Middle East and Ukraine threatening energy supply and raising fuel prices increase global inflation expectations, putting pressure on the ounce price of gold.
Fed Expectations and Markets
While rising energy costs in the US fuel hawkish expectations for the US Federal Reserve (Fed), pricing in money markets focuses on the possibility of an additional rate hike by the end of the year.
Verbal guidance to be made by several Fed officials this week is among the developments that will be closely followed by investors.
Daily Data Agenda
Analysts state that capacity utilization rate, real sector confidence index, and Overseas Producer Price Index data will be followed domestically.
In overseas markets, the data agenda of the day is expected to be calm.