How did gold start the day?

Gram gold closed yesterday at 6 thousand 338 liras, with an increase of 1.86 percent compared to its previous closing. Gram gold, which started the day with sellers, is traded at 6 thousand 302 liras as of 09.25, with a decrease of 0.58 percent compared to its previous closing. As of the same minutes, quarter gold is sold for 10 thousand 377 liras, and Republic gold is sold for 41 thousand 322 liras.

The liquidity needs resulting from the depreciation in risky assets, the negative effects of the war in the Middle East, and hawkish forecasts for central banks continue to pressure gold.

The ounce price of gold, which rose yesterday with reaction buying, found buyers at 3 thousand 922 dollars, with a 0.6 percent decrease on the new day.

The election process in the USA, developments in the Middle East axis and continuing doubts about artificial intelligence spending continue to have an impact on asset prices.

On the other hand, following macroeconomic data indicating that inflationary pressures may continue in the USA last week, the manufacturing industry Purchasing Managers Index (PMI) data announced yesterday revealed that growth in the sector has accelerated. The Institute for Supply Management's (ISM) manufacturing industry PMI rose to 55.5 in October.

The fact that economic activity remains strong strengthens expectations that the US Federal Reserve (Fed) may adopt a more hawkish stance in monetary policy. According to the pricing in money markets, the probability that the Fed will increase interest rates in December has increased to 75 percent.

Analysts stated that domestic inflation data will be followed today, while the number of JOLTS open jobs in the USA, factory orders and durable goods orders will be followed abroad.

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