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Year-end volatility in gold prices

While gold prices move in line with the fluctuation in the dollar exchange rate in the domestic market, they are under the influence of purchases made before the Christmas holiday in the spot market.

While gold prices are active in the domestic market due to the high volatility in the dollar/TL, they are rising due to the year-end purchases in the spot market.

As the dollar/TL started the week with a rise, gold prices in the Grand Bazaar were also active.

Dollar/TL started the day around 11, after a sharp decline from its historical peak of 18.4, with publicly supported foreign exchange sales that started at the same time as the Treasury and Central Bank (CBRT) support to TL deposits last week.


While the gram gold, which was activated due to the pricing in the dollar, was traded at the level of 670 TL in the Grand Bazaar, quarter gold was traded at 1070 buying and 1150 selling prices in the morning.

Republic gold, on the other hand, continued its transactions with a purchase level of 4 thousand 286 TL and a sale level of 4 thousand 574 TL.


The prices of gold purchases made due to market risks in gold, which closed the last week with a rise due to the New Year’s concerns about the Omicron variant, support the prices.

The ounce of gold, which started last week at around $1800, went up after falling to $1785 on Tuesday and closed the day above $1805. An ounce of gold started the new week around $1809 after closing last week with more than 1% gains. Gold futures traded at $1,810.


“Gold is facing resistance just above $1,815 and will continue to struggle to sustain gains at these levels unless the US dollar drops sharply this week,” Jeffrey Halley, a senior market analyst at OANDA, told Reuters.

Halley said he expects gold prices to stay in the $1,790-1,815 range this week, but if $1,815 is exceeded, the next target is $1,840.


Source From: Sozcu

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