Gold Prices Declined: Gram Gold Down to 4.376 TL, Eyes on Fed's Interest Rate Decisions

Ankara - Gold prices started the day with a decline. Gram gold is trading at 4.376 TL as of 09.40 am, losing 0.6% compared to the previous close. Gram gold, which rose to 4.439 TL yesterday, could not hold this level and completed the day at 4.407 TL.

Last Prices in the Free Market

In the free market, quarter gold is trading at 7,330 TL and Commonwealth gold is trading at 29,569 TL.

International Markets and Fed Expectations Press Gold

The price of ounce of gold in international markets also started the day with a decline. The decline in ounce of gold, which traded at $3,356 with a 0.4% decrease, is largely attributed to the expectations of the US Federal Reserve (Fed).

According to data released yesterday, applications for unemployment benefits in the US fell to 217 thousand in the week ending July 19, below expectations. This development strengthened expectations that the Fed may be more cautious about interest rate cuts. Analysts emphasize that the Fed's failure to signal easing to the expected extent and the easing of global trade tensions have distracted investor interest from gold and this has put pressure on prices.

Eyes on the Data Calendar

Markets will focus on important economic data today. In Turkey, capacity utilization rate and real sector confidence index will be announced. Abroad, Ifo business confidence index data in Germany and durable goods orders data in the US will be followed.

Technical View Below

From a technical point of view, analysts state that $3,450 level is the resistance and $3,320 level is the support in the ounce price of gold.