Gold prices continue to decline with the effect of the dollar. After the Fed rate decision, the dollar’s fever does not decrease. Ounce gold, which lost its strength due to the rise in the dollar, is trading at the bottom of 2.5 years.
GOLD PRICES DROPPED
An ounce of gold fell to $ 1626, the lowest level it has seen since April 2020. An ounce of gold started Wednesday, September 28 at $1619. After the ounce of gold crashed, the gram price of gold also suffered a great loss. On the first day of the week (Monday, September 26), gold, which was traded at 972 liras, fell to 962 liras today.
THE RISE OF THE DOLLAR CHANGED THE BALANCES
The Fed’s interest rate decision turned the markets upside down, and all balances changed with the rise of the dollar. With its great impact on euro, sterling and brent oil, the dollar hit the 18.48 TL band with a new record on September 28, 2022 (Wednesday).
INTEREST MESSAGES FROM THE FED
Chicago Fed President Evans predicted that US interest rates would be in the range of 4.25-4.5 percent by the end of the year. This indicates an increase in interest rates by at least 100 basis points.
Another statement came from Cleveland Fed President Loretta Mester. Master said that amid inflation “unacceptably high”, the Fed should raise interest rates and keep policy restraint for a while.
Here is the latest situation on September 24 gold prices…
GRAMS GOLD
BUYING: 962.17
SALES: 962.26
QUARTER GOLD
BUYING: 1,547.26
SALES: 1.547.14
HALF GOLD
BUYING: 3,094.41
SALES: 3,094.89
REPUBLIC GOLD
BUYING: 6.367.51
SALES: 6,368.54
HOW MANY DOLLARS IN OT OF GOLD?
BUYING: $1,619.01
SALES: $1,619.34