The ounce of gold, which fell below $ 1,800 and saw the levels of $ 1,794 yesterday, has risen to $ 1,828 at the time of writing. Currently, an ounce of gold is changing hands at $ 1,827, while the value of gram gold has reached 931 liras. Meanwhile, gold and money markets expert İslam Memiş conveyed his assessments on the market. Here are the details…
How are the latest developments in the market interpreted?
As we have reported as Cryptokoin.com , inflation data in the US came in above expectations last week. This situation caused a pullback in the markets. The US Dollar Index, on the other hand, broke even larger records. The fact that inflation was high led to the emergence of thoughts that the FED would increase interest rates more aggressively and drag the economy into recession. With factors such as the emergence of the new type of coronavirus worldwide and the Russia-Ukraine war, investors tended to avoid risky assets. For this reason, there was a sharp decrease in stocks and high demand for the dollar.
However, this week, ounce of gold seems to have rebounded somewhat. The value of an ounce of gold managed to rise above $ 1,800. While the dollar continues to see its 20-year highs, investors looking for a safe haven are turning to bonds.
İslam Memiş drew attention to Friday for gold
Commenting on the general situation mentioned above, Islam Memiş repeats that the figures we see on TV are not valid for commodity prices in foreign currency and grams. “The dollar continues to increase in value and its strong stance. The increase in the dollar index is among the factors that increase the dollar rate in countries like ours. It signals that the increase in value will continue until the end of the year. The dollar/TL rate of 15.50 is 15.58 lira in the Grand Bazaar market. Gram gold price is 900 on the screen and 920 liras in the free market.”
On the other hand, he mentions the decline in ounces to date and states that there is a serious suppression. Islam Memiş explained that he expected today’s rise with the following expressions and also drew attention to Friday:
I expect a decline in the dollar index until Friday, a decline in the dollar side, and upward attacks in the ounce price of gold starting from tomorrow. In other words, I expect upward attacks on whatever instruments are against the dollar.
