Gold started the week with a rise: Here are the prices...

Gram gold closed Friday at 6 thousand 223 liras, with a decrease of 3.51 percent compared to its previous closing. Gram gold, which started the first trading day of the week with buyers, is traded at 6 thousand 289 liras, with an increase of 1.07 percent compared to its previous closing, as of 09.25. As of the same minutes, quarter gold is sold for 10 thousand 374 liras, and Republic gold is sold for 41 thousand 306 liras.

An ounce of gold, on the other hand, started the new week at 3 thousand 915 dollars with an increase of 1.02 percent due to reaction purchases, after dropping by 3.6 percent to 3 thousand 870 dollars on Friday, falling to its lowest level in almost a year.

While the ongoing Congressional midterm elections in the USA highlight the impact of political developments on asset pricing, the focus of the markets is whether President Donald Trump's administration will be able to maintain its majority in Congress.

Analysts stated that the election results in the USA may affect the Trump administration's field of action in the Middle East, and that assessments that military tensions may increase on the geopolitical side have come to the fore.

Despite this possibility, there continues to be optimism that an agreement that will fully open the Strait of Hormuz to traffic can be reached in the negotiations carried out through mediators between the USA and Iran.

Iranian Foreign Minister Abbas Erakchi noted that if the Washington administration accepts Tehran's conditions, the Strait of Hormuz will be reopened and negotiations will continue. With the possibility of an agreement on the US-Iran line, oil prices decreased. The barrel price of December delivery Brent oil fell by 3.2 percent to 109 dollars.

On the other hand, within the scope of macroeconomic developments, growth and personal consumption expenditures data announced last week in the USA pointed out that inflation risks in the country may continue in the coming period.

As the economic activity in the USA remained strong and the high course of price increases continued, hawkish predictions about the US Federal Reserve (Fed) remained strong. According to the pricing in the money markets, the probability that the Fed will increase interest rates in the remaining part of the year is over 70 percent.

Source: TRT Haber Ekonomi RSS (Open Press / Translated Full Text)