The gram price of gold, which gained value in parallel with the rise in the ounce gold price and the dollar rate yesterday, completed the day at 986 liras with an increase of 0.6 percent.
LATEST SITUATION IN THE QUARTER AND THE REPUBLIC
The gram price of gold is trading at 980 liras, 0.6 percent below the previous closing as of 10.50, after the new day started with a decline. At the same time, quarter gold is sold for 1,610 liras, and Republic gold for 6,560 liras.
PUTIN’S EXPLANATIONS IMPRESSED
Yesterday, the US Federal Reserve ( Fed Despite the decision to increase interest rates, the ounce price of gold, which rose after Russian President Vladimir Putin’s statements that would increase the tension regarding the Russia-Ukraine war, closed the day at $1,674 with an increase of 0.5 percent. An ounce of gold is currently trading at $1,660, 0.8 percent below its previous close.
Analysts said that after the Fed increased the federal funding rate by 75 basis points to the 3.00-3.25 percent band, which is the highest level since 2008, in line with the expectations, and signaled that aggressive steps will continue in the future, the dollar will be used in other currencies and markets. He said that it continues to gain value against commodities.
Stating that investors are focusing on the decisions that will come out of the Bank of England’s (BoE) meeting today, analysts noted that domestically, eyes are turned to the Central Bank of the Republic of Turkey (CBRT) interest rate decision.
Analysts stated that the second quarter current account balance in the USA and the consumer confidence index in the Euro Zone stood out on the data agenda, and stated that, technically, $1,640 and $1,620 per ounce of gold were in the support position, and $1,690 and $1,720 were in the resistance position.
INTEREST DECISION IS WAITING
Most of the economists surveyed by AA Finans expect the CBRT to keep the policy rate unchanged at 13 percent. On the other hand, 9 out of 29 economists who participated in the survey envisage a 100 basis point cut in policy rates, and 1 foresee a 50 basis point cut.
While the BoE is expected to increase the policy rate by 50 basis points to 2.25%, the possibility of an increase by 75 basis points is not ignored.