Gold prices finished the week around 1.5 percent after rising as US Treasury yields moderated on Friday. Traders watched data such as the US consumer price index (CPI) and producer price index (PPI) throughout the week. Both indicators have cooled compared to the previous month. FED rate hike bets eased after 8.5 percent annual CPI data. It pushed yields down. The US dollar fell during the week. So what’s next? Here are the expectations of the two analysts…
How has the gold price acted this week?
Confidence plummeted after the initial CPI response. Gold-sensitive nominal and inflation-indexed yields finished the week slightly higher on most of the curve, despite renewed appetite for Treasury bonds on Friday. The University of Michigan consumer confidence survey showed that short-term inflation expectations have cooled.
U.S. equity investors pushed the Nasdaq-100 Index to its highest level since April, partly out of fear of losing at this point. High stock prices are thought to facilitate financial conditions in the economy. Therefore, according to experts, the Fed may be running out of patience with hot stock traders. Meanwhile, the Fed chair will make a statement in Jackson Hole later this month.
Ramazan Kurtoğlu: The golden age of gold is coming
Meanwhile, Istanbul Aydın University Faculty Member Ramazan Kurtoğlu shared his expectations for gold. Kurtoğlu said, “Ignore the short-term trend tales about gold.” The expert, who advises investors not to “sell their physical gold”, maintains the expectation of a “golden age” between 2023-2030.
Islam Memis: Don’t sell what you have
Meanwhile, Islam Memiş made comments on the dollar and gram gold. Memiş stated that the inflation announced this week had a significant impact on global markets. He pointed out that this situation affected the dollar. Apart from the data announced in the USA, he also pointed to employment data. cryptocoin.com As we have also reported, inflation data was announced on Wednesday. It came in at 8.5 percent compared to 9.1 percent a month ago. Islam Memiş thinks that the US data do not point to real figures.
Memiş thinks that the depreciation of the dollar will continue until the last quarter. Therefore, he draws attention to the possibility of a rise in gold, silver and cryptocurrencies. He states that it will follow the range of $1,770-1,795 an ounce this week. He argues that for gold to continue rising, it must close above $1,800 for two consecutive days. The expert name also uses the following expressions:
Gold prices have not started to rise yet. As of September, we will already see rapid increases in gold prices, as there will be huge fluctuations, recessions and geopolitical risks. You see 1026 lira under grams. 1036-1039 lira is the real price right now. We continue to monitor the dollar, which is tied to the dollar/TL. 1090 liras, 1200 liras, and 1450 liras until the end of the year, there is no change in my prediction. An uptrend awaits us on the gold and silver side, please do not sell your gold.
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