Gold Is Preparing To Close The Worst Week Of 2021

Gold prices are preparing to close the worst week of 2021. Ounce gold has dropped by $ 55 since the beginning of the week.

Gold is preparing to close the worst week of 2021. Completing 4 of the first 6 weeks of 2021 by losing value, gold continues to decline with the increase in bond interest rates and the increasing expectations that inflation will increase. Gram gold, on the other hand, is traded at the lowest level of this year, falling below 400 TL, with the USD/TL rate remaining flat in addition to the decline in global gold prices. With falling interest rates and incentive spending with the coronavirus outbreak in 2020, gold prices completed last year with a record 24 percent gain. Gold, which started the new year with high expectations, is preparing to close this week with the biggest loss of 2021 after completing 4 of the first 6 weeks with a decline. Ounce of gold started the new week at $ 1,825, then declined to $ 1,761 on Tuesday. Gold, which has lost more than 3 percent value since the beginning of the week, started Friday with a loss. Gram gold, which started the week around 412 TL, later saw below 400 TL with the effect of the decline in global gold prices and the decrease in USD/TL rate. Having seen these levels for the first time after 7 months, gram gold has declined by about 4 percent since the beginning of the week. USD/TL has been traded 0.7 percent below since the beginning of the week. The reason why gold prices fell so much was the rise in the US 100-year Treasury bond yields and the strengthening of the US dollar. US bond yields increased by 4 percent to 1.28 from 1.24, while the Bloomberg Dollar Spot Index gained 0.3 percent since the beginning of the week.   Ounce Gold While ounce of gold shows the worst weekly performance of 2021, it is traded at the lowest level of the last 7 months towards the end of the week. An ounce of gold, which lost 3.03 percent this week, is traded around $ 1,771 at the last day of the week.   Gram Gold With the decline in USD/TL rate and the decrease in global gold prices, gram gold has decreased by 15 TL since the beginning of the week. Gram gold fell from 412 TL to 397 TL. Gram gold, which lost 0.3 percent on Friday, has lost 3.86 percent since the beginning of the week.