As September approaches, the gold price becomes more widely questioned. The price of gram gold continues to trade at levels above 1,000 lira. An ounce of gold is at $1,750. Meanwhile, many experts draw attention to September. Here are the details…
Islam Memiş drew attention to these developments for the gold price
Market expert İslam Memiş, in his latest statements, drew attention to the developments regarding the US Federal Reserve’s (FED) interest rate hike. Memiş pointed to the FED’s FOMC minutes. cryptocoin.com As we have also reported, the reason behind the importance of the FOMC minutes is that they give a clue as to whether the FED will raise interest rates. Islam Memiş states that his personal expectations are for an increase of 50 basis points in September. Last month, the rate hike was 75 basis points.
The expert states that the gram price of gold has increased with the support of the dollar/TL rate. So, he is of the opinion that the gram gold investor should follow the dollar. There is also an expectation that gold will test 1,012 lira by the end of the month. After the Fed’s interest rate decisions, the dollar experienced an increase. However, the dollar depreciated in July after inflation figures in the US were low. Therefore, the interest in gold has also increased. For this reason, Islam Memiş announced that there is a summit expectation below.
Will gold rise?
Islam Memiş also commented on the ounce of gold. According to the analyst, a recovery of $ 1,805 was seen in gold after the US inflation data. However, as it is known, an ounce of gold is currently at the level of $ 1,800. Still, he says that the uptrend in gold prices has not been broken. Islam Memiş states that this will have a comeback, with all central banks increasing interest rates in 2022. He says that in 2023, interest rate cuts will be on the agenda. He states that at that time, gold will experience an increase. For this reason, he thinks that those who have gold should not sell their gold. He states that his expectation for gram gold is $1,450 at the end of the year.
Stating that gold is not a value to be sold in general, İslam Memiş stated that the precious metal provides protection against inflation. He thinks that it makes sense for people to sell gold only if they are going to buy houses, land and cars. He also states that grams of gold can be seen around 1,600 liras. For this reason, he states that gram gold should not be sold.
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