Gold Surpasses 5,000 Lira on Boards as Eyes Turn to Powell

Gold prices hit fresh highs as the dollar weakened and rate-cut expectations increased, ahead of the highly anticipated speech by Federal Reserve Chair Jerome Powell scheduled for 19:35 Turkey time.
 

In early trading, ounce gold touched $3,759, while gram gold rose to around 5,007 lira, reflecting strong buying momentum before Powell’s remarks on monetary policy.
 

Analysts emphasize that the short-term trend remains positive, considering any intraday pullbacks as normal corrections. Technically, key support levels are seen at $3,710 and $3,690 per ounce.
 

According to the CME FedWatch tool, markets are pricing in a 25 basis point rate cut in October with nearly 90% probability, and a similar move in December with about 75%, as investors await Powell’s speech for further guidance on easing.