Source: Türkiye
Investors are questioning the price of gold. Geopolitical tensions will affect the direction of gold. The US non-farm payrolls report has been released. The released data exceeded expectations. “At the beginning of the year, a gram of gold started the year at 2005 liras in the Grand Bazaar market. At the moment it is at 2415 liras,” said Islam Memiş, a gold and market expert who gave an assessment at CNN Turkey. “Geopolitical tensions in particular were a bit higher in April. “Gold prices fell as geopolitical tensions decreased, the possibility of an interest rate cut decreased, and inflation expectations became more optimistic,” he said.
The US non-farm payrolls report was released. The released data exceeded expectations. Islam Memish said, “The possibility of an interest rate cut that the Fed expects this year has also weakened. Therefore, all commodities ended the week with a strong sell-off against the dollar, gold ounces, silver ounces and the euro-dollar Bitcoin.” Gold ounce parity is at $2,293. The week ended at the $2,300 level. It can be said that this decline will continue on Monday. Last week saw a drop of about 2,470 liras. However, he said that on Monday we will again “closely monitor the support level of 400 liras,” he said.
So what should investors do? Islam Memish said, “Although the market will be closed for nine days due to public holidays, this fall in gold prices in ounces and grams actually presents a very good opportunity for medium to long term investors.”
