Gold Started to Rise Before Fed Chairman Powell's Statements

Gold Started to Rise Before Fed Chairman Powell's Statements

After falling for three consecutive weeks, gold, which has started to rise since last week, recovered its previous losses with an upward move today, following a drop earlier this week. The price of precious metals, the risk appetite decreased in March, and continued to rise from this level to $ 1,765, Gold was previously at $ 1,450 due to the corona virus outbreak. In recent weeks, the risk appetite increased as the May data recovered compared to April and currency support, while the gold price remained around $ 1,700. Last week, Fed officials made a statement about the US economy, where growth and inflation declined sharply, unemployment rate increased, and the economic recovery process would reduce market risk appetite for a long time. Following this announcement, Gold rose to $ 1,740. Yesterday, the price of gold dropped to $ 1,704, the value of the US dollar rose in the global market, and gold remained under pressure from the US dollar. Today, before Fed President Powell's speech, the dollar index was trading in a neutral zone around 96.60, while gold rose. Highlighting the risks in Powell's statement and maintaining the second wave of high anxiety can support gold prices. With this possibility, the purchase may continue to move towards the $ 1,750 price resistance. In Turkey, together with an increase in the dollar price per ounce rate rose along with 6.84 grams of gold traded near 380 per level again. 382 TL tested last week is seen as a significant resistance.