What are the gold prices on October 9, 2023? How did Gold start the week?

gold prices

Latest Status in Gold Prices: Ounce of Gold Exceeded 1850 Dollars, Starting the Week with an Rising

Gold prices started the week with an increase due to the interest rate decision of the US Federal Reserve (Fed) and the increase in geopolitical risks. An ounce of gold exceeded the level of 1850 dollars today, after closing the last two weeks with losses. Gram gold is traded at 1647 lira. So why are gold prices rising? Here are the latest developments in the gold market…

How Did the Fed's Interest Rate Decision Affect Gold?

The Fed left the policy rate constant at its last meeting, but members' prediction of an additional interest rate increase this year strengthened the dollar. While the US 10-year bond interest increased to 4.805 percent, the dollar index rose to 106.474. This led to a sharp decline in ounce gold due to gold being priced in dollars.

Markets act with the expectation that the Fed will hold its next meeting on November 1 and may increase interest rates at this meeting. Economic data from the USA until this date will also affect gold prices.

Geopolitical Risks Increase Demand for Gold

On the other hand, the conflict between Israel and Hamas increased geopolitical risks in the markets. This situation increased the demand for gold, which is seen as a safe haven, and supported its prices. The recent decline in the dollar also contributed to the rise of gold.

What are the Ounce Gold and Gram Gold Prices?

An ounce of gold, which started the first trading day of the week at 1832 dollars, is currently trading at 1855 dollars after testing the 1850 dollar level during the day. Technically, the $1840 level in ounce gold is viewed as support and the $1860 level is viewed as resistance.

Gram gold started today at 1626 lira and rose to 1673 lira during the day. Currently, it is selling for 1647 liras. In terms of gram gold, 1630 lira level is followed as support and 1660 lira level is followed as resistance.

What Should Gold Investors Pay Attention to?

Fluctuations in the gold market can make it difficult for investors to make decisions. Therefore, when investing in gold, it is important to follow the developments in the market closely and consult experts' analysis. Additionally, it is important to remember that gold investment is a long-term investment and not to make sudden decisions.