The foreign exchange market, which calmed down after Eid al-Adha, and gram gold prices continue to maintain their horizontal course. The dollar, which gained 30% in value from May 28, when President Recep Tayyip Erdoğan was elected once again, until June 23, rose by only 0.50% in the last 10 days.
Latest Situation in USD/TL
After the Central Bank Governor Erkan’s statement, the foreign exchange market continues to remain calm. Hafize Gaye Erkan, in her statement at the beginning of the week, emphasized that her new administration will not intervene to suppress the Dollar/TL. Despite the message given by the economy administration that it will reduce the intervention, the course of the exchange rate is confusing.
When we examine the Dollar / TL graph, the defense line at the level of 26.17 TL draws attention recently. The question of whether the sales from this level came from the government or the market remains unknown.
The US Dollar is changing hands at 26.09 against TL as of now.
Sharing its forecast about the exchange rate the other day, MUFG Bank claimed that the rate will reach 29 TL by the end of the year.
Gram Gold Watching Horizontal
Gram gold, the favorite commodity of Turkish investors, is fluctuating sideways due to the recession in the foreign exchange market.
Gram gold has been finding buyers in the range of 1587-1617 TL since the last days of June. If the ounce price decreases due to foreign developments, sales under grams may come.
The precious metal is currently trading at 1610 TL.
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