Gold Awaits FED Chairman Powell's Presentation

Gold awaits FED Chairman Powell's presentation. Powell will present at the House of Representatives.

Gold investors declined, with FED (US Federal Reserve) Chairman Jerome Powell focusing on his presentation at the House of Representatives and the US bond auction. However, gram gold is progressing in parallel with the increase in the USD/TL exchange rate. The FED has published the text of Jerome Powell's presentation on the Coronavirus Aid, Support and Economic Security Act (CARES). Emphasizing that the FED acted with unprecedented speed and power against the effects of the coronavirus (Covid-19) epidemic by using all the policy tools at its disposal, Powell said, "Today the situation has improved a lot." Stating that the recovery is far from complete, Powell reiterated that as the FED, they will continue to provide the support the economy needs as long as it needs.

Trading Price for Ounce of Gold

Ounce gold, which gained value for 2 weeks in a row, appears in the red zone this week. Ounce of gold, which has lost more than 8 percent since the beginning of the year, closed the first two months of the year with a depreciation and recorded one of the worst starting performances in the last 10 years. While investors focused on the FED Chairman Powell's presentation, ounce of gold, which fell 0.19 percent, is trading at $1,735.

Trading Price for Gram of Gold

As a result of the sudden increase in the USD/TL exchange rate, the gram gold, which started the week by trading at 475 TL, declined to around 435 TL in parallel with the decrease in the USD on Monday. In parallel with the rise in the US dollar exchange rate on Tuesday, gram of gold is trading around 438 TL.