Gram Gold Targets 3,000 Liras: Investors Beware
Gold prices soared to new heights on the third trading day of the week, with the ounce of gold reaching a record price of $2,670. This surge also impacted the prices of gram and quarter gold, which followed the upward trend.
Gram gold peaked at an all-time high of 2,931 Turkish Lira, while quarter gold rose to 4,777 Turkish Lira. Investors are closely monitoring the situation, eagerly awaiting signals of potential interest rate cuts. The odds of the U.S. Federal Reserve lowering rates by more than three-quarters of a point this year have significantly increased.
With the announcement of the US consumer confidence index unexpectedly dropping to 98.7 from 105.6 in August, concerns about the economy have grown. This decline, the largest since August 2021, has prompted speculation that the Fed may implement larger interest rate cuts in the upcoming meeting.
The likelihood of the Fed cutting interest rates by 50 basis points in November has risen to 60.4 percent, up from 53 percent just a day ago. This uncertainty in the market has led to a heightened sense of anticipation and caution among investors.
For the latest updates on gold prices and market trends, be sure to stay informed and make informed investment decisions.
