Gold prices continue to trend sideways. Meanwhile, Gold and Money Markets Specialist İslam Memiş conveyed his expectations. Here are the details…
Gold prices struggle
In global markets, the yellow metal struggled to near two-year lows amid rising US dollar and aggressive US rate hike expectations. Spot gold fell to $1,664.48 an ounce. It’s down 3 percent so far this week. The US dollar and strong bond yields dampened the yellow metal’s appeal. A stronger dollar makes gold expensive for overseas buyers. Although gold is seen as an inflation hedge, rising interest rates increase the opportunity cost of holding a non-yielding asset.
While this was the case under ounce, the value of gram gold decreased below 1,000 liras to 991 liras. So, will the decline continue? Islam Memiş said that there is no change in TL-based pricing under grams. He announced that as of September, there would be no sagging below a thousand liras. For this reason, Memiş argued that although it is seen “under a thousand liras on the screens”, the prices are not actually below a thousand liras. He stated that in the upcoming period, gold will follow the levels of 1.050, 1.090 and 1.200 liras until the end of the year.
Islam Memiş awaits the “great flood”
Islam Memiş also pointed out that the decline in gold was affected by the US inflation data. He signaled that he could buy due to the decline of gold. The analyst used the following statements:
It has a $550 scenario. Let’s not forget, actual prices aside. There was an ounce of gold going up until 2059, today everyone is talking about 3000-3500 dollars. Has the ounce price of gold decreased to 1700? Yes, it has declined. I’ll take this price and put it in my pocket. If you’re hesitant, put 50 percent of what happened in your pocket, if you’re worried about the other, then you’ll still get it and win.
He points out that despite the multiplicity of narratives that will allow gold prices to test record levels, prices have been suppressed. For this reason, he thinks that gold will “explode badly when it explodes”. The expert reiterated that he expects upward movements and stated that those who hold gold are “lucky”. cryptocoin.com As we have also reported, Islam Memiş said in May, “I am preparing you for October, I expect a great flood”.
Other factors affecting the market
Despite the recent drop in prices, gold ETF inflows remain quiet. Shares of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.15%. Thus, it rose to 962.01 tons. U.S. unemployment insurance claims fell for the fifth week in a row. Individual sales unexpectedly rose in August. Therefore, the previous month’s figure was sharply revised down. These reports come just after the US CPI data earlier this week, which showed inflationary pressure on the economy.
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