in global markets gold prices are falling. While the central banks increased the interest rates due to the inflation that affected the world, there was a rapid strengthening on the dollar side. FedThe precious metal gold regressed as the interest rate increased each time and signaled that it will continue to increase.
weakened by the rise in the dollar ounce of gold It is trading at a 2.5-year low. An ounce of gold fell to $ 1626, the lowest level it has seen since April 2020.
An ounce of gold started the day at $1644. During the day, it saw the lowest level of $ 1626 and the highest level of $ 1646. It is currently trading at $1637.
THE DOLLAR INDEX IS AT THE TOP OF 20 YEARS
With the effect of the strengthening in the dollar index, the decline in gold prices continues. Analysts, who see the upward movement in gold prices as difficult due to the dollar index, which is at the peak of 20 years, also suggested that the downward pressure on the gold price may continue if the Fed continues its aggressive interest rate hikes.
20 PERCENT LOST SINCE MARCH
Analysts have started to identify new support and resistance points as the loss has reached 20 percent under an ounce since March.
LOSSES ARE INCREASING UNDER GRAM
grams of gold prices are also decreasing due to the rapid pullback under ounce. Gram gold started the day at 973.2 liras. It saw the lowest level of 964.6 liras and the highest 976 liras during the day.