The drop in gold prices increased demand


US Federal Reserve (FED) had increased the policy rate by 75 basis points in days, by 3-3.25%. After this decision, there was an upward movement in the foreign exchange, while there was a decline in ounces. After the decline in gold, it is currently trading at 620 dollars on an ounce basis in the Grand Bazaar. grams of gold It is traded around 990 TL. Jewelers stated that this decrease is a buying opportunity and said that by the end of the year, the gram of gold will close over 1000 TL.


Rıdvan Lebit, a tradesman in the Grand Bazaar, stated that the exchange rate was upwards and the demand for gold decreased worldwide, and said, “We are seeing the bottom levels of gold at the moment, but there may be a further decline. In general grams gold and there is demand under the republic. Gram gold is traded at 988 TL, quarter, 1,625, half 3,230 TL, and republican gold at 6,660. Interest rate decisions affect both gold and foreign exchange. Citizens follow suit. At the end of the year, we see that the price of gold is over 1000 TL. We think that an ounce of gold will see the bottom at the moment and close around 1.618 dollars and at the end of the year it will close in the 1.850 band,” he said.


Stating that there was a decrease in gold due to the Fed’s interest rate policy, Grand Bazaar tradesman Yahya Yurtseven said, “These numbers are bottom levels below. There is a problem with physical gold in the world. We expect a big rise in gold as the Fed stops interest rate decisions. The ounce of gold has not seen these levels for the last two years. These are the places to buy for me. If an ounce of gold is around the level of 1,620, we can see this place for 1,580 dollars. He can make an attack from here. Currently, there is an excessive demand for grams and jewellery. Gram gold is currently traded at 990 TL, quarter thousand 620 TL, half 3 thousand 220 TL, full gold 6 thousand 470 TL. I see the end-of-year gold as 1,400 TL,” he said.