Gold is Heading Towards the Highest Loss of the Last 5 Years

Gold is heading towards the highest loss of the last 5 years. Comments from FED officials squeeze gold into the narrow band.

Gold is heading towards recording its worst monthly performance since November 2016, following hawkish comments from Fed officials. Gram gold is around 500 TL. As the US stock market's record freshening and the rising dollar are putting pressure on gold, analysts say that the narrow price range in the trade must be broken in order to see new price movements. Boston Fed Chairman Eric Rosengren said the Fed may consider raising interest rates towards the end of 2022 and that inflation is the central bank's main target. Atlanta Fed Chairman Raphael Bostic stated that he expected 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 could reach the threshold of reducing asset purchases earlier than people think.

Ounce Gold

The ounce of gold, which has been fluctuating since last week, is stuck in a narrow band after the hawkish comments from FED officials. The ounce of gold, which has lost 6.5% of its value since the beginning of the year, started Tuesday at around $1,775.

Gram Gold

As a result of the decrease in USD/TL exchange rate and global gold prices, gram gold, which went down to 493 TL last week, has been fluctuating around 500 TL for the last two weeks. After starting the week at 501 TL, gram gold decreased to 495 TL following the decline in global gold prices and USD/TL exchange rate.