Gold Focused On The Comments Of The FED Officials

Gold focused on the comments of the FED officials. The precious metal is on its way to monthly losses.

While gold is moving in a narrow price range as investors focus on the comments from the FED (US Federal Reserve), it is on its way to close June with the biggest monthly loss in the last 5 years. Gold started the week with a flat course as investors followed the comments made by FED officials. Gram gold, on the other hand, started the new week above 500 TL after the rise in the USD/TL exchange rate on Friday. Boston Fed Chairman Eric Rosengren stated that the Fed may consider increasing interest rates towards the end of 2022 and that inflation is the main target of the central bank. Atlanta Fed Chairman Raphael Bostic stated that he expects the FED to increase interest rates until the end of 2022 as a result of the faster-than-expected recovery, while Dallas Fed Chairman Robert Kaplan underlined that the Fed may reach the threshold of reducing asset purchases earlier than people think. The personal expenditures data, which is one of the indicators used by the FED for inflation targeting, increased less in May compared to the previous month.

Ounce of Gold

The ounce of gold, which has been fluctuating since last week, is stuck in a narrow price range as investors watch the comments from the FED carefully. After ending April and May with gains, heading towards closing June with the biggest loss since November 2016, gold started the week around $1,781 per ounce.

What is the Gram Gold Price?

With the decline in USD/TL exchange rate and global gold prices, gram gold, which fell to 493 TL last week, has been fluctuating around 500 TL for the last two weeks. With the rise in the USD/TL exchange rate on Friday, gram gold started the new week at the level of 501 TL.