Gold Is On Its Way To End This Week With Losses

Gold is on its way to end this week with losses. Gold ended last 4 weeks in a row with an increase.

Gold is on track to close the week below $1,800, down more than 1.5 percent this week after closing four weeks in a row with gains. Gram gold, on the other hand, is trading in a narrow price range as the US dollar rate and global gold prices balance each other. Gold, which rose to $ 1,830 last week with the employment data announced below expectations, fell below $ 1,800 on Tuesday as the market focused on the rise in bond yields and the strengthening of the US dollar. While the European Central Bank kept the pandemic purchase program at 1.85 trillion euros on Thursday, it gave the message that the purchases within this program will be made on a moderately slow path. Market analysts think that the euro will strengthen and gold will find support as asset purchases slow. On Tuesday, gold fell below its 200-day moving average and is trading at $1,797 on Wednesday, close to its 50-day moving average. Gram gold followed the decline in USD/TL exchange rate last week, with global gold prices are following a horizontal course. Gram gold, which has been trading in a narrow price range for a long time as the US dollar exchange rate and global gold prices balance each other, is at 488 TL on Thursday after the resurgence of the US dollar and the decline in global gold prices.