Recovery in Gold Prices: Losing Streak Ends
Following a three-day period of depreciation, gold prices entered a renewed upward trend and focused on the critical data flow in global markets.
After a three-session losing streak, gold prices returned to an upward trend, giving signals of recovery; markets locked in on US employment data and the Fed's September decisions.
Recovery Process in Gold Prices
Gold prices returned to an upward trend following the declines over the last three trading sessions, managing to compensate for previous days' losses.
Supported by the weakening of the dollar and the decline in bond yields, spot gold traded at 4,435 dollars in the morning hours.
Gram Gold Levels
Reflecting the upward movement in spot gold prices in the domestic market, gram gold also gained value, reaching the level of 6,889 Turkish Lira.
Expectation for Critical Employment Data
As all eyes in the markets turn to the US non-farm payrolls data to be announced tomorrow, investors are closely monitoring the potential impacts of the data.
Expert Evaluations and Targets
Ilya Spivak, Head of Global Macro at Tastylive, stated that spot gold staying above 4,400 dollars could pave the way for a new upward movement.
Fed Expectations and Meeting Schedule
According to CME FedWatch data, markets are pricing in a 62 percent probability of a Fed rate hike this month, while the critical meeting will be held on September 15-16.