The US non-farm employment data, which will be announced today, is awaited carefully in this sense. “The downtrend we are in is due to inflation and inflation reaching historical levels. FedInveo Portfolio Fund Management Manager Eral Karayazıcı said: markets He stated that the ounce of gold is priced significantly by September, and that it may turn upside down in September: “I see a moderate increase in value until the summer of 2023, and a more significant increase in value in the second half, and I see it more likely to rise to around 2 thousand dollars an ounce. The course of US inflation in the next 6-12 months will be decisive on this scenario. Although I find it unlikely, if there will be additional jumps in energy prices and this will cause the Fed to raise the policy rate above 4 percent, both will ounce of gold The support of $ 1,675 may be insufficient, and the possible rise following the formation of the base may be delayed. grams of gold On the other hand, it will be affected by both the dollar base value of gold and the course of the dollar/TL.”
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WARNING TO INVESTORS
Drawing attention to the Fed’s September meeting, Finance Analyst Islam Memiş said, “If a 50 basis point interest rate hike comes at the September meeting, an ounce of gold will recover again, but a 75 basis point interest rate hike may bring gold down to the level of $1,680 an ounce.” For investors, İslam Memiş made the following suggestions: “I can recommend investors to be very careful for this year. Many factors such as inflation, war and recession expectations, China-Taiwan tension are the reasons that will positively affect gold prices. Those who will invest in weddings and gold next year should take advantage of this opportunity. I still maintain my prediction that gram gold will rise to the level of 1,200 TL and then 1,450 TL in the last quarter of the year.”
‘ WEDDING JEWELRY IS NOT SOLD ‘
Gold and Money Markets Specialist Mehmet Ali Yıldırımtürk stated that the markets continue to price the interest rate hike expectation, and that an ounce of gold will not stay below $1,700 long; He said that it could reach the level of 2.070 in the coming period. Yıldırımtürk said, “The statements of the Fed presidents keep the dollar index strong. The US 10-year bond yields have reached 3.18, which puts pressure on the gold price. It has been going down for about 5 months. In the domestic market, due to high inflation, there is a move away from TL and gold purchases. In the past years, the jewelry worn at weddings was sold immediately, but this year it is only sold in certain quantities against necessity. Although the quantity is low on the buying side, the demand is high. We believe that we will see 1.050 again in a short time, and that we can see the 1.400-1.500 TL band towards the end of the year with the effect of inflation and the rise in the dollar index.
I think,” he said.
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