Gold prices continue to decline. Although not gram gold, there have been significant changes in the price of ounce gold in the last few weeks. Meanwhile, some experts conveyed the levels to be expected. Here are the details…
Islam Memiş: The price of gold on the screens is not real
Gold and Money Markets Specialist İslam Memiş, in his latest statements on the precious metal, stated that the buying opportunity for gram gold is in the range of 950-1,000 liras. Although the current value of gram gold seems to be around 960 liras, according to the expert, the purchase of gold is 984 lira and its sale is 992 lira. Islam Memiş explained that the “unknown face” of the precious metal, which has been moving in waves in recent weeks, has appeared. The analyst brought up this “unknown face” while talking about the difference between its “on-screen price” and its actual price.
Ramazan Kurtoğlu: Whoever has gold will be rich
On the other hand, Istanbul Aydın University Faculty Member Dr. Ramazan Kurtoğlu conveyed his important comments on gold. Kurtoğlu drew attention to a “gold-centered global speculation” in a post he made on his Twitter account. Kurtoğlu used the following statements:
There is and will continue to be a global speculation based on GOLD in real money, namely in the four precious metals (Gold-Platinum-Palladium-Silver).
Then, he talked about the fact that he was trying to collect the gold in the hands of the people with the shallow waves underneath. However, he stated that the years 2023-2028 are the “golden age” of gold. Therefore, he conveyed that those who hold gold can become rich.
What is the latest situation in the market?
Gold continues to struggle to bounce back from recent lows despite the US Dollar’s decline this week. The USD (DXY) index is down about 1.3 percent so far this week. Gold, on the other hand, has gained only 0.3% so far. The weaker US dollar is attributed to a number of factors driving growth and commodity-linked currencies as well as equity markets.
The market has reduced the likelihood of the Fed increasing interest rates by 100 basis points. Instead, it expects 75 basis points next week. Perhaps the best indication of a move away from the safe harbor is seen with the 10-year Treasury yield rising above 3 percent. The stock market seems bolstered by the perception that perhaps all bad news is known.
Netflix was on the rise when they announced they were losing fewer subscribers than the market had anticipated. Twitter also won after a judge allowed them to file a lawsuit against Elon Musk. Corn and Soybeans are down this week on positive US weather forecasts. Wheat rose slightly after corn canceled a tender and tried to restock silos.
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