New record for gold: It broke the critical threshold
Gold rose to $2,500 an ounce for the first time on the chance of lower borrowing costs.
Gold prices fell but remained above $2,500 as investors took profits after the price rose to a historic high on Friday in anticipation of a U.S. interest rate cut next month.
Gold prices gained more than 2 percent on the last trading day of last week on Friday, along with the decline in the dollar index and US bond yields.
LATEST SITUATION UNDER
The ounce price of gold, which saw a record level of $2,509 on Friday, closed the week with a 3.2 percent increase at $2,508, then fell 0.2 percent on the new day to $2,503.
As of 09:00, gram gold was traded at 2,708 TL, quarter gold was traded at 4,429 TL, and Republic gold was traded at 17,662 TL.
WHAT IS EXPECTED IN THE GOLD MARKETS?
Since gold prices are directly affected by the interest rate moves of the US Federal Reserve (Fed), macro data that changes interest rate expectations, such as inflation, also affect pricing.
Inflation data released in the US last week indicated that price pressures were easing, and Fed officials Mary Daly and Austan Goolsbee emphasized the possibility of easing monetary policy in September in their statements over the weekend.
The minutes of the last monetary policy meeting, to be released this week, are expected to highlight the easing outlook.
The minutes of the Fed's July monetary policy meeting, to be released on Wednesday, will be among the main factors that will guide foreign exchange markets this week, along with Powell's speech in Jackson Hole on Friday.
Investors are betting that Fed Chairman Jerome Powell will give a speech in Jackson Hole on Friday that will signal a rate cut.
Futures fully price a 25 basis point rate cut, while giving a 25 percent chance of a 50 basis point rate cut. Rate cut pricing may change depending on the next nonfarm payrolls data.