Expectations of a Turkish central bank rate cut strengthened on Wednesday after a less-than-requested minimum wage hike, economists said, as it showed the government’s determination to reach disinflation targets.
Additionally, expectations of potential tariffs under the incoming Donald Trump administration have led to projections of higher inflation and robust economic performance, further boosting the dollar’s appeal.
Gold prices were higher in Asian trade on Thursday due to a slightly weaker dollar as markets returned to trading after the Christmas holiday, while gains were limited as investors remained cautious following the U.S. Federal Reserve’s hawkish tilt.
The token rose nearly 5% in the previous two sessions but failed to continue the positive momentum on Thursday as investors were cautious about the outlook for speculative assets like cryptocurrencies after the Fed indicated fewer interest rate cuts in 2025.
Crude oil for February delivery was up 0.11% or 0.08 to $70.18 a barrel. Elsewhere in commodities trading, Brent oil for delivery in March rose 0.08% or 0.06 to hit $73.23 a barrel, while the February Gold Futures contract rose 0.19% or 4.94 to trade at $2,640.44 a troy ounce.
