The yellow metal fluctuated between $1,780 and $1,830 in the first week of the new year with mixed signals after closing 2021 with a loss of about 4% at $1,810. The ounce of gold, which fell sharply with the hawkish rhetoric of the US Federal Reserve Federal Open Market Committee (FOMC), announced on Wednesday, remained among mixed signals with the unemployment rate falling above expectations, despite the US non-farm payrolls data on Friday, which was well below expectations. Meanwhile, the Dollar/TL rate, which is important for gram gold prices, closed the week at 13.80 with a decrease of 0.25% due to the decline in the dollar index (DXY). While these developments are taking place, economist Selçuk Geçer, who is popular in the Turkish market, shared his 2022 expectations for the precious metal.
Will gold mark 2022?
Economist Selçuk Geçer shared to his 326 thousand Twitter followers that 2022 could be the golden year.
Since bullion is priced in dollars, the price of gram gold also determines the dollar/TL rate. cryptocoin.com As we have also mentioned in the news, after the CBRT’s interest rate cuts, there was a sharp rise in Dollar/TRY in December 2021 and exceeded 18 on 20 December. In this process, although there was no significant increase on the ounce front, the gram gold price exceeded 1,000 TL with the effect of the attack in the exchange rate.
However, on the night that President Recep Tayyip Erdoğan introduced the Currency Protected Deposit product, the exchange rate fell sharply with the market intervention of the CBRT, and this time, gram gold fell to the levels of 650 TL with the opposite effect. While these developments are taking place, gold investors are wondering how the prices will follow, and they follow both the ounce gold price and the Dollar/TL rate for the price of gram gold. In a tweet he shared on January 6, Selçuk Geçer referred to the FOMC minutes and said, “The Fed gave the signal that I could raise interest rates at any moment. Hold the dollar if you can…” commented.
While some analysts state that there is an inverse correlation between DXY and ounce of gold, it is understood from the economist’s shares that he expects an increase both on the ounce front and the exchange rate front. In this case, according to the economist, the price of gram gold will increase with a double effect. However, it is worth remembering that it is very difficult to predict what kind of developments will happen in the global and local markets.
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