Safe Haven 'Gold' Hits Six-Month Low

The ounce of gold, which saw $1784 last Friday, saw the lowest level in the last 6 months with this low level. The dollar strengthened, upsetting gold prices.

Gold is recording a dynamic course with the developments. In the gold market, which is carefully followed by investors. The sharp decline in ounce gold on Friday scared gold investors. So what happened in gold on the last trading day of the week? Gold saw the bottom of the last 6 months and recovered. Starting the week at $ 1827, ounce gold declined on all 4 trading days. Ounce gold, which saw $ 1784 on Friday, reached its lowest level in 6 months. After seeing the bottom level during the day, ounce gold, which turned its direction upwards, rose to $ 1812 and then completed the week at $ 1811. The $ 1800 pivot level under ounce gold is a very critical threshold. If ounce gold falls below the psychological threshold of $ 1800, a continuation of the decline in prices can be expected. Ounce gold, which briefly fell below this level on Friday, managed to hold above $ 1800 again. In particular, the US Federal Reserve's (FED) monetary tightening since March has caused other countries' central banks to raise interest rates. Central banks used the interest rate weapon against rising inflation globally. Although interest rate hikes by central banks are effective in suppressing inflation downwards, the possibility of economies entering recession is increasing. With interest rate hikes, consumers and businesses borrow at higher rates. This is reflected as the biggest factor in the economy leading to recession. While inflation in the United States broke a 41-year record, the Fed raised the policy rate by 75 basis points at its last meeting, the sharpest move in 28 years. The gold market is pricing in the possibility that the US economy may enter a recession.