While a slight pullback in gold prices continues to be observed, investors are eagerly awaiting the next direction of the precious metal. Meanwhile, a gold forecast came from economics writer Necmettin Batırel. The expert made an estimation that would please those who have a gram of gold and pointed to 1,500 liras. Here are the details…
Gold forecast came from economy writer
cryptocoin.com As we have previously reported, with the escalation of tensions between Russia and Ukraine, the price of gold per ounce has reached around $2,060. On the other hand, gram gold exceeded 950 liras. However, this uptrend has stalled in recent weeks. At the time of writing, ounce gold changed hands at $1.915, while the price of gram gold dropped to 905 liras. So, what will the prices be in the current situation? How will the market act? Necmettin Batırel shared his views on gold. Batırel made predictions that would make gold investors happy.
According to the new estimation of the expert, who previously said that 1,000 lira will be seen in gold, gram gold may rise to the 1,500 lira bands with the effect of the Russia-Ukraine war. Batırel thinks that it will be below the peak in any case, so it warns those who want to sell below. However, in the short term, time will tell how the market will react as investors keep an eye on the Fed’s interest rate decision.
What is happening in the gold market?
Gold prices remained flat in international markets on March 16, holding close to a two-week low in the previous session as investors refrained from making big bets ahead of the Fed’s widely anticipated rate hike decision to contain rising inflation. Gold and silver continued their decline due to the US Federal Reserve’s interest rate hike expectations and heavy sales in crude oil.
Precious metal prices continued their decline in the previous session as the US Federal Reserve’s two-day policy meeting began on Tuesday. Gold and silver prices lost even as they maintained their support at lower levels amid uncertainty over the Russia-Ukraine conflict. On the other hand, according to some, the decline in the Chinese economy may attract investors to continue purchasing safe-haven assets.
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