Islam Memiş's Gold Price Prediction: He Emphasizes the 'Short Term' for a Price of 7,000 TL per Gram.
4 Articles
4 Articles
Market analyst İslam Memiş stated that the pullbacks in gold prices stemmed from different dynamics rather than a technical correction, and drew attention to critical levels in both ounce and gram prices.
Gram gold is trading at 6,923 lira, down 0.7 percent, in line with the decline in the ounce price. While the US Treasury bond buyback decision, which increased risk appetite in global markets, supported gold, profit-taking pulled the ounce price down to $4,492.
Gold prices surged yesterday following the US bond move and continued their rise with the release of the Fed minutes. Gram gold approached the 7,000 lira mark for the first time in weeks, and all eyes are now on the Fed's interest rate decision and leading signals to be announced in September.
Markets reacted to the US Treasury Department's surprise liquidity move and the record $40 trillion debt. Safe-haven gold continued its upward momentum, with the price of gold per gram rising to 6,974 TL.
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