[ad_1]
Gold prices are poised to close the day on a positive note, rising on geopolitical tensions and increased demand for safe assets, as well as expectations of a possible US interest rate cut in September.
After the Federal Reserve (Fed) hinted at a possible interest rate cut in September earlier this week, the release of weaker-than-expected manufacturing data worried investors and led to a risk flight.
Moreover, these developments raise questions about the strength of the Fed’s actions.
Increased demand for safe ports
A day after Hamas leader Ismail Haniyeh was killed in Tehran, Israel yesterday confirmed that it had killed the leader of Hamas’ armed wing, Mohammed Deif, in an airstrike on Gaza last month, heightening geopolitical tensions and weighing on risk appetite.
In another indicator of investor concerns about a slowing U.S. economy, the yield on the 10-year U.S. Treasury note fell to its lowest level in six months as investors fled to safe assets.
According to futures, the probability of the Federal Reserve cutting interest rates by 50 basis points in September is expected to be 29%.
Markets will be watching today’s release of U.S. nonfarm payrolls data for clues on the state of the economy and the health of the job market.
Gold price update
As a result, the price of gold per ounce rose by 0.7% this morning, reaching $2,00465 for buyers.
Gram of gold is calculated as 2000 626 TL. Quart of gold is sold at 4,000 295 TL, Republic gold is sold at 17,001 TL130.
[ad_2]
Source link
