US jobs data came in slightly below expectations on Friday. This opened a space for partial recovery of gold, which saw sharp declines. However, the US Federal Reserve’s move in September will be decisive for the yellow metal. On the other hand, the Dollar/TL leg of gram gold has exceeded 18.20 TL and continues to gain strength. So how will gram gold prices be affected? Market expert İslam Memiş shared his predictions.
“There is no gram gold under 1.000 TL!”
cryptocoin.comAs you can follow, ounce of gold fell for five consecutive weeks. Over the past week, the yellow metal has broken below $1,700. However, it rose above the psychological level again on Friday, with US jobs data coming in approximate expectations.
While these were happening on the ounce leg of gram gold, the Dollar/TL leg managed to rise above 18.20 TL despite the pressures. This limited the decrease under grams. Although gram prices saw below 1,000 TL, they closed the week above this level. Market expert İslam Memiş said, “As of September 1, it was very difficult to buy grams of gold under 1,000 TL,” adding that he stood by his previous claim. Memiş explained the reason for this situation as follows:
Currently, there is no gram gold under 1,000 TL, my dear brother. It is currently 1,007 TL. I’ll tell you when.
Islam Memiş also referred to the peak of DXY, which has an inverse correlation with the ounce price. He also talked about the price difference caused by the price seen on the screens and the trading margin. For this reason, he tried to explain that the claim that ‘you cannot buy under 1.000 TL’ is justified. In this context, he made the following statement:
DXY hit 109.97, the highest level since 2002. However, everything before him collapsed. The gram gold they show 984 TL on the screen is now 1.000-1.005 TL.
“We are very likely to see new records under the gram!”
According to Islam Memiş, who shares his views on his personal Youtube channel, precious metals such as gold and silver are under serious pressure. Memiş says that this suppression will not be permanent for the short term. Continuing, “Inflation continues to increase, geopolitical risks, recession risk, etc.,” continues the expert, and sees an upward trend in ounces possible again. According to Memiş, the story on the gram side is completely different. Islam Memiş makes the following assessment:
Inevitably, the increase in the value of the dollar in the international markets keeps the dollar/TL above 18.20 TL in the domestic market. In today’s economic conditions, we expect a price in the range of 20-21 TL in the last quarter of the year for the dollar rate. If this prediction comes true, we are very likely to see new records in gram price. For example, 1.200 – 1.450 TL remains on the table. Therefore, I think that today’s levels in commodity prices are a buying opportunity for the medium and long term.
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