Gram gold price continues to expand its losses in the new week after the depreciation of last week. The gram, which entered last week at 1039 liras, saw 1005 liras in one week. This decline was mostly caused by new inflation data from the USA. Nonfarm payrolls data released last week led to increased pressure on the FED. Therefore, experts began to suggest a volatile price action. However, finance expert İslam Memiş thinks differently.
“Gold prices are affected by monetary policy”
Islam Memiş, who published a new video, shared his latest predictions for gold. Accordingly, experts who hold many estimates drew attention to the data in the USA. According to him, the newly released data led to a decrease in the price of gold. Markets were betting that nonfarm payrolls would be 250,000. However, the data disclosed was different from this. The number of people in non-agricultural employment increased by 263 thousand, showing the decrease in inflation.
Emphasizing these data, Memiş recommended investors not to sell their gold at this time. He also reiterated his prediction that we will see a big boom in the price of gold, especially in November. According to him, the precious metal closed last week with a decline. The gram, which entered October with 960 liras, rose to 1025 liras in a week. Memiş stated that due to the monetary policy of the FED, the ounce of gold decreased to 1615 dollars and increased to 1705 dollars.
“Don’t be fooled by the prices”
However, Islam Memiş warned investors. According to him, investors should not be fooled by the latest price drops and sell their gold. Calling on investors not to hurry, Memiş stated that he expects new rallies. Accordingly, gold prices may see great increases in the coming period. Continuing his words, Memiş also urged investors to buy more gold. According to him, grams above the 1000 lira band managed to see huge value gains. This indicates further uptrend.
Talking about silver, the expert said that he expects a similar price movement with gold. According to him, silver has attracted attention with its recent rise. cryptocoin.com As we reported, many famous names have pointed to the rise for silver recently. Some even included it in the class of commodities to be bought in collapse. Apparently, Memiş agrees with this. Stating that silver has risen to 12.5 liras, the expert predicts that the rally will continue.
“Gram gold at these levels in November”
Listing his predictions for gram gold, Memiş predicted the continuation of the positive price movement. According to him, geopolitical and economic risks will continue to exist in the markets. This will support the rise in the price of precious metals. Stating that there has been a pressure on gold and silver for the last 6 months, Memiş says that the exchanged prices are below the real value. According to him, when this suppression ends, prices will reach their original values.
Listing his estimates, Memiş suggested that we can see 1250 liras under the gram by the end of the year. According to him, for the continuation of this optimistic forecast, global inflation must continue to exist. However, the analyst also underlines that the rise of gold is higher in the Central Bank market forecasts. According to him, market participants expect a price tag of 1450 liras for the end of the year under grams.
