Investors are wondering what the next move will be for gold prices, which have been mobilized by the US Federal Reserve (FED) and the Central Bank of the Republic of Turkey (CBRT) interest rate statements. Gold and Money Markets Specialist Zafer Ergezen explained what investors should expect and made various warnings. Here are the details…
Zafer Ergezen: Gold prices may fall sharply
cryptocoin.com As we have also reported, the FED’s 25 basis points increase in the policy rate and the CBRT’s fixed interest rates affected gold prices throughout the week. Gold, which started the week by falling, gained momentum as a result of the latest statements. Meanwhile, experts came to the fore with their remarkable statements. Experts drew attention to the developments in the war with Russia and Ukraine and the geopolitical situation. Zafer Ergezen stated that the price of an ounce of gold at $1,868 and above is the result of the pricing of the Russia-Ukraine war.
He said that if peace is reached between Russia and Ukraine, gold could fall hard. Ergezen, who said that gold prices reached the level of $ 1,868 and above as a result of the Russia-Ukraine crisis, stated that there may not be a correction, namely a decrease, in the market before the crisis ends. He said that the probability of this happening is low. Stating that the Fed’s interest rate decision is important for the markets, Ergezen stated that the Fed’s interest rate decision has already been priced in.
Russia and Ukraine, decisive for gold
Stating that Russia-Ukraine news is important for gold, Ergezen said, Russia-Ukraine crisis increased inflation expectations at the global level. Increasing global inflation pressure also provides support for gold prices. Most of the buyers buy gold with the motivation to hedge against inflation,” he said.
Ergezen says that if a ceasefire is reached between Russia and Ukraine, gold prices may fall sharply, and that it is not possible to go below $ 1,868 unless there is this optimism. “As long as there is no permanent ceasefire and optimism in the Russia-Ukraine War, I don’t think it’s possible for spot gold prices to drop below the $1,868 band,” he explains. On the other hand, he states that if an agreement similar to the Minsk Agreement is reached, gold may experience a sharp depreciation.
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