Gold Prices Fell After Powell's Statements!

Gold declined after Fed Chairman Jerome Powell's assessments of the American economy and employment.

Gold prices fell after Powell's statements. While the precious metal decreased after US Federal Reserve (Fed) President Jerome Powell's assessments on the growth of the American economy and employment, gram gold followed the decline in global gold prices along with the flat course in USD/TL exchange rate. Speaking at the "60 Minutes" program organized by CBS television, Fed Chairman Powell said that they expect the American economy to grow much faster and employment to gain momentum and pointed out that the economy is at a "turning point". Underlining that the outlook has improved significantly, Powell said, "The main risk for our economy at the moment is the re-spread of the disease."

Ounce Gold

Last week, gold gained after completing two consecutive weeks with losses. One of the worst first quarter performances in 2021, ounce of gold has depreciated by 8.4 percent since the beginning of the year. The ounce of gold, which closed the previous week at $ 1,744, started the new week at $ 1,736 with a decrease of 0.38.

Gram Gold

Gram gold, which was stuck between the increase in global gold prices and the USD/TL rate last week, completed the week at the level of 459 TL after a fluctuating course. Gram gold, which decreased by 4.8 percent since the beginning of 2021, lost value following the horizontal week start of the USD/TL exchange rate and the fall in global gold prices.