Gold Prices Fell as Investors Focus on Fed Meeting

Global gold declined as gold investors focused on Wednesday's Fed rate meeting.

Gold prices fell as investors focus on the Fed meeting. Gold prices retreated to $1,860 as investors focused on the Fed meeting after climbing above $1,900 with the US inflation data released last week. Gram gold, on the other hand, is hovering around the 500 TL limit with the decrease in global gold prices and the USD/TL exchange rate. The US Federal Reserve (Fed) will announce its interest rate decision at its meeting on Wednesday, but markets will focus on communication rather than the rate decision itself. According to Bloomberg economists, a change in interest rates is not expected until 2023. On the other hand, he says that signals about a decrease in asset purchases will be given after August or September. While the decline in gold prices continued, the 10-year US Treasury bond interest rose to the level of 1.46 percent. The Bloomberg Dollar Spot Index rose to 1.222.

Ounce Gold

Starting 2021 at the level of $1,950, ounce of gold has been in an upward trend since April, after pulling up to $1,683 in March. Continuing to rise in May, ounce of gold is fluctuating in June.

Gram Gold

Gram gold rose to 527 TL at the beginning of June following the increase in the USD/TL exchange rate and global gold prices. Then, the gram gold, which gradually decreased, dropped to 502 TL. Gram gold, which started the year around 463 TL, decreased to 398 TL in March due to the decline in global gold prices and the USD/TL exchange rate.