While ending another week, gold prices closed the first Friday of June with a slight increase. Meanwhile, Gold and Money Markets Specialist İslam Memiş reiterated his predictions for gold and shared his thoughts on the general market. Here are the details…
İslam Memiş, commented on what happened in the market
According to experts, the trend in the US dollar, bond yields and stocks may continue to affect gold and silver, and the focus is on economic data, There will be central bank comments and developments regarding the spread of the virus and the Russia-Ukraine war. Meanwhile, Gold and Money Markets Specialist İslam Memiş talked about inflation and the food crisis. As previously reported as Kriptokoin.com , Islam Memiş predicted that gram gold would reach peak levels of 1,450 liras on an annual basis this year. He had an estimate of $2,150 for an ounce of gold. The expert name repeated these predictions.
İslam Memiş said that the concerns about the future continue to increase and drew attention to the statements from Saudi Arabia after the oil prices rose up to 120 dollars. According to Memiş, who continues to talk about the developments about oil, “There is a cake and it is necessary to follow the statements of other OPEC members”. OPEC is the Organization of the Petroleum Exporting Countries. Memiş says that new price hikes in the food sector may come due to the rise in oil prices. “There are expectations that oil prices will continue to rise to the level of 130-140 until the end of the year. I expect there may be new rises in the autumn,” he concludes his comments on oil.
Expert’s assessment of inflation
Islam Memiş, also sharing his comments on inflation, saying, “If inflation is 87 percent in Istanbul today, it will be 97 percent in a month, then 100 percent. it will pass”. “Then, if there is a 5-10 point decrease with the seasonal effect, you will fall into complacency again. Countries stockpile their own food. It is getting harder to fight against exchange rate attacks and inflation figures,” he says, and states that changes in agricultural policy are needed.
Islam Memiş repeats its estimation for gold prices
Lastly, Islam Memiş, who came to the fore with his statements on gram gold, said “years in ounces.” He said there was no change in his estimate of $2,150. He states that gold, which saw $2,068 an ounce in March 2020, continues to rise with the risk of inflation and recession in the following processes. He states that there is no change in his prediction that 1,200 lira will be seen in gram gold, especially in July, and 1,450 lira at the end of the year. He concludes his analysis by saying that he attributes his prediction to “both ounces of gold, developments in the dollar and TL parity”.
