2023-12-25 10:42:41
Gold, one of the best-performing investment instruments of 2023, renewed its peak just a few days before the new year.
The gram price of gold reached its peak in 1997. At the same time in the Forex market, quarter gold is sold for 3 thousand 266 liras, and Republic gold is sold for 13 thousand 426 liras.
The ounce price of gold is currently balanced at 2 thousand 53 dollars, just below its previous closing.
2023, in which hawkish steps were taken in the first half of the year within the scope of the fight against inflation, is completed with the strengthening of dovish expectations and predictions that interest rate cuts next year may be initiated by the US Federal Reserve (Fed) in March.
While it is estimated that the Fed will start to reduce the policy rate with an 85 percent probability in the pricing in the money markets in March, the signals to be received from macroeconomic data are expected to have an impact on the bank’s steps.
While the weakening of inflation concerns led to an increase in bond demand, the US 10-year bond interest rate, after reaching the peak of the last 16 years at 5.02 percent during the year, is just above last year’s closing level at 3.90 percent in the last week of the year.
While it seems that the ounce price of gold is also benefiting from the buyer trend in the bond markets, it is preparing to make the highest annual closing of all time. The ounce price of gold, which completed last week at $2,053, moves in a narrow band due to the closure of the London and New York stock exchanges on the first trading day of the new week.
Stating that the data agenda is calm today, analysts noted that technically, the 2 thousand 60 and 2 thousand 55 dollars levels are resistance in the ounce price of gold, and the 2 thousand 30 and 2 thousand 20 dollars levels are support.
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