Sharp drop in gold prices and developments affecting markets
While developments in global markets and geopolitical tensions caused a drop in gold prices, all eyes turned to US employment and Turkey inflation data.
As the direction in the gold market turned downwards again in the final days of August, Fed Chair Kevin Warsh's hawkish messages and rising geopolitical tensions caused volatility in precious metals.
Fed's Hawkish Messages and Expectations
Fed Chair Kevin Warsh's hawkish messages at Jackson Hole strengthened expectations for a rate hike.
Warsh indicated that new steps could be taken if a sustainable slowdown in inflation is not observed.
Geopolitical Risks and Oil Prices
While escalating tension between the US and Iran affected safe-haven demand, the barrel price of Brent crude hovers above 90 dollars.
US Treasury Secretary Scott Bessent described the sanctions as economic violence, and mutual attacks took place.
Critical Support and Resistance Levels
While markets turn their eyes to US employment data, the 4,350 and 4,275 dollar levels stand out as critical support for spot gold.
According to Yapı Kredi Investment's evaluation, in the short term, 4,450 and 4,530 dollars are resistance, while 4,370 and 4,200 dollars are positioned as support.
Inflation in Turkey and CBRT Expectations
In Turkish markets, the August consumer inflation data to be announced on Thursday is awaited by investors.
Inflation in Turkey and CBRT Expectations
In August, monthly inflation is expected to decrease to 1.94 percent, and annual inflation to 31.61 percent.