Gold Declined During The Month Of September

Gold declined during the month of September. The precious metal fell more than 5 percent in September.

Gold is on its way to close September with the worst performance of the epidemic period, with the expectations that the FED (the US Federal Reserve) will soon start the reduction in asset purchases, rising bond yields and a stronger dollar. Gram gold, on the other hand, seems to be on the rise by around 15 TL since the beginning of the month with the rise in the USD/TL. While October is historically known as a turbulent and negative month in the markets, October is also one of the weakest performing months for safe-haven gold. However, ounce gold, which has closed October with losses since 2018, finished October with a rise after September, which it closed with a decline in 2017, 2015 and 2014. Gold prices had depreciated by more than 5 percent after the June meeting, in which the FED predicted two rate hikes until 2023 and indicated that a tightening in monetary policy could begin. Gold, which rose to $1,785 an ounce before the FED meeting last week, fell to a 6-week low after the FED's messages that it could reduce asset purchases. Gold, which started this week around $1,750, fell below $1,740 after continued comments from FED policymakers. Gram gold rose above 500 TL for the first time since July 15, while the USD/TL rose to a record high of 8.86 last week, while the decline in global gold prices remained limited. Despite the decline in global gold prices, gram gold, which limited its losses with the USD/TL following a course close to record highs, is trading around 496 TL on Thursday.