Bull Market is at the Focus of Gold Investors

While gold traders focused on the bull market, ounce of gold started flat on Monday at a 4-month high.

Bull market is at the focus of gold investors. However, ounce of gold started the first trading day of the new week with a horizontal motion at the highest level of 4 months. Gram gold is trading at the level of 510 TL with the rise in global gold prices. It is thought that the losses in Bitcoin may also have caused the rise in prices. Investors turned their attention to high inflation but interest rates did not rise, gold prices completed the last three weeks with gain. Hedge fund managers' net long gold positions rose to a 16-week high, according to data released on Friday. Data prepared by Bloomberg show that gold-based exchange traded funds entered in May. Noting that the general losses in the Bitcoin and cryptocurrency universe may also be effective in the rise of gold, Former Treasury Minister Lawrence Summers stated that the importance of cryptocurrencies for the economy will be limited, but they can remain as digital gold in global markets.

Ounce Gold

Ounce of gold, which started 2021 by showing its worst performance in the last 40 years, continued its rise since the beginning of April. Ounce of gold, which completed the last three weeks with gains, started the new week at around $ 1,884.

Gram Gold

With the rise in USD/TL Exchange rate and global gold prices in the past 10 days, the gram gold, which reached more than 500 TL, started the week at the limit of 510 TL. Gram gold, which rose to 534 TL on November 6, when the USD/TL exceeded the level of 8.50 and the global gold prices were $ 1,950, then reached an all-time high of 400 TL in February with the decline in the USD/TL rate and gold prices.