Gold prices reach a record high: Will the rise continue?
The price of an ounce of gold has seen an increase of over $ 90 in a week to $ 1772. A record level was seen in gram gold. Turkey’s gold imports climb to the peak of 63 months.
An expert in money and gold markets said, “We knew that gold would recover its losses quickly when the strong dollar and high interest pressure was lifted.”
Reminding that the increase in unemployment in the US last week and the rapid decline in inflation in October in the US this week pulled the gold prices up, same expert said, “The latest inflation data surprised. Inflation forecasts in the United States were 7.9 percent, but when it came to 7.7 percent, the pressure on gold decreased.”
WHAT ARE THE EXPECTATIONS FOR THE END OF THE YEAR?
Stating that it was necessary to be cautious for the future, he noted that if producer inflation in the US next week remains below expectations, the level of $ 1810 per ounce may be seen, but then there may be a short-term retreat to $ 1750 with profit-taking sales.
The same expert also said there was a decline in the yield of “Currency Protected Deposits” (KKM) in Turkey and companies in particular were in transition to other instruments such as foreign currency which could have an upward impact on currency exchange rates. He added that the markets could see the level of TL 1450 in gram gold due to both increase in ounce gold prices and dollar TL rate.
