Gold prices are turned upside down! Everyone who sees the number is confused
Gold, which has had its worst week in the last 2 months, is trying to find support. Domestically, the downward direction in the dollar supports the fall in gold prices. Here is the latest situation in gold prices ...
The strengthening of the US dollar against major currencies, the improvement in macro data and the acceleration in the vaccination studies against the corona virus caused gold prices to experience the worst week of the last 2 months.
Gram gold hit 410.2 lira, its lowest level since 27 July 2020, after starting the new day with a depreciation, and stabilized at 418.7 liras, 0.8 percent below the previous close as of 11.20.
Quarter gold is sold for 687 liras, Republic gold is sold for 2.808 liras.
The ounce price of gold finds buyers at $ 1,823, a 0.5 percent decrease from the previous close.
Experts reported that the downward trend in the ounce price of gold moved to the third day due to the increases in the dollar index and US 10-year bond yields.
Spot gold price in international markets is trying to recover from support levels this morning after dropping below $ 1800 / ounce for the first time since December 1st.
After retreating to $ 1792.12 / ounce, spot gold price is trading at $ 1794.53 / ounce
Analysts argue that "the economic outlook shines with vaccination against the corona virus, the improvement of macro data reduces the demand for precious metals", but they also argue that this is a short-term retreat. It is predicted that as the economic recovery strengthens and inflation expectations rise, investors will again show interest in gold for hedging and protection purposes.
Short-term support for spot gold stands at $ 1,783 / ounce, with resistances at $ 1,801 and $ 1,818 / ounce on upward moves.
While the dollar is in demand due to the decrease in the economic outlook of the USA and the increase in the bond interest rates, the TL continues its positive decoupling.
Biden's promise of an additional stimulus package, the Fed's statement that the said packages would not warm the economy, and the drop in unemployment claims supported the dollar, while the dollar index exceeded 91.5.
The Turkish Lira continues to appreciate against the dollar with the support of the tight monetary policy communication that the Central Bank has made with determination, despite the increase in the gap between consumer and producer inflation and the increasing trend in inflation.
Going below 7.15, dollar / TL is traded at 7.1445 on February 5th, the last trading day of the week. Euro / TL is below 8.55, gram gold price has decreased to 412 TL with the spot price falling behind 1800 dollars