Gold market trades sideways in narrow band as US inflation data is awaited
Spot gold is trading at $4,159.45 per ounce as markets focus on critical inflation data coming from the US.
Gold prices are moving in a narrow band ahead of inflation and economic activity data to be released from the US. While spot gold is trading at $4,159.45 per ounce, markets are closely monitoring the steps the Fed will take.
Current Gold Prices
According to current market data, gram gold is finding buyers at 6,611 TL, quarter gold at 10,795 TL, and Republic gold at 43,040 TL.
Half gold is trading at 21,583 TL, full gold at 43,021 TL, and gremse gold at 107,884 TL.
Ounce and Futures Markets
Spot gold traded at $4,159.45 per ounce as of 05:51 and showed no significant change compared to the previous close.
December US gold futures rose by 0.1 percent to $4,182.60.
Critical US Inflation Data
The consumer price index (CPI) to be released in the US is closely watched in terms of expectations regarding the monetary policy of the US Central Bank, the Fed.
The producer price index (PPI) and retail sales data to be released on Thursday are also important for the direction of the economic outlook.
Fed's Interest Rate Policy Expectations
New York Fed President John Williams reiterated that another interest rate hike may be needed this year as part of the fight against inflation.
According to CME FedWatch data, markets are pricing in an 88 percent probability of an interest rate hike in December.
Geopolitical Developments in West Asia
Following the clashes in Yemen, an administrative building belonging to Saudi Aramco in the eastern Saudi Arabian city of Dhahran was attacked.
While the Saudi Arabian Ministry of Energy confirmed the attack, the rise in oil prices following the development is being monitored by the markets.
Other Precious Metals
Spot silver fell 0.6 percent to $59.11 per ounce, while platinum followed a sideways course at $1,664.19.
Palladium recorded a 0.4 percent increase, reaching $1,130.81.