Current oil and gold assessment from market analyst Şirin Sarı
Analyst Şirin Sarı reported that the 150-dollar band could technically be tested in Brent crude oil and that this increase would create pressure on spot gold.
Market analyst Şirin Sarı stated that the upward trend in Brent crude oil may continue and the 150-dollar band could be tested. Sarı expressed that this situation would create pressure on spot gold and that the Dolar/TL exchange rate is expected to be in the 60-65 TL band.
Expectation of Rise in Brent Crude
Stating that pricing in the markets is shaped through energy prices, Şirin Sarı pointed out that Brent crude rose by approximately 17 percent in September.
Expressing that the upward trend in oil may continue despite the decline expectations of some international banks, Sarı emphasized that if 120 dollars is exceeded, levels up to 150 dollars could be tested.
Fed Decisions and Pressure on Spot Gold
It was predicted that the US Federal Reserve might pass on the process by making no changes in interest rates until the November elections.
Stating that every increase in oil prices pushes spot gold downward, Sarı expressed that with oil staying above 120 dollars, spot gold could decline below 4,000 dollars.
Dolar/TL and Domestic Market Expectations
Stating that the gradual rise continues on the Dolar/TL and Euro/TL side, Sarı said that exchange rate expectations in the market are shaped in the 60-65 TL band.
It was stated that monthly increases of around 1.5 to 2 percent in the dollar exchange rate support gram gold in the domestic market.
Other Prominent Commodity Types
Expressing that she expects copper, palladium, and agricultural commodities to come to the forefront in portfolios rather than gold and silver in the upcoming period.