Gold Is Going To Close The Week With Earnings

Gold is going to close the week with earnings. The precious metal sticks to the speeches of Fed Chairman Jerome Powell.

Gold is heading for the fourth week in a row with gains as Fed Chairman Jerome Powell said they are still committed to ultra-expansive monetary policy. Gram gold continues to be traded in the narrow band. Speaking to the Senate Banking Committee, Powell stated that the central bank should maintain its supportive stance on the US economy even if inflation reaches disturbing levels. Pointing out that they are faced with price developments that are rare in history, Powell said that they will closely monitor whether inflation is temporary or not. US Treasury Secretary Janet Yellen said that the rise in prices may continue for a few more months, but she expects the recent surprise inflation to ease over time.

Ounce Gold

The ounce of gold, which completed the last three weeks with earnings, with the rapid recovery of the economy in the USA and the relatively pigeon messages of the FED, is going to close this week with gains after the inflation data that exceeded the expectations. The ounce of gold, which closed June around $1,770, has been steadily increasing since the beginning of July, hovering around $1,826.

Gram Gold

Gram gold has been hovering in a narrow band as USD/TL Exchange rate and global gold prices have been balancing each other for a while. With the rise in global gold prices last week, gram gold, which went up to 508 TL, has been hovering around 500 TL since the beginning of the week.