Fluctuating trend continues in gram gold: Expert shares market expectations
While gram gold trades between 6,700 and 6,900 liras, experts point to the impact of FED decisions, the exchange rate of the dollar, and geopolitical risks.
As a volatile week is left behind in the gold market, gram gold finds buyers in the range of 6,700 to 6,900 liras. Having seen 7,200 liras in August, gram gold has recorded an increase of over 20 percent since the beginning of the year.
Current Levels of Gram Gold
While a volatile outlook stood out in gold prices this week, gram gold moved within the range of 6,700 liras and 6,900 liras. Having risen by over 10 percent in August and seeing 7,200 liras, gram gold is currently about 400 liras below that level.
Change Since the Beginning of the Year
The total increase rate in gold since the beginning of the year has exceeded 20 percent. Experts predict that a similarly fluctuating chart will be expected for the remainder of the year, but the long-term upward trend will continue.
Status of the Dollar and Ounce Gold
The weak dollar trend is among the main elements supporting the rise in gold. The dollar-based price of gold hovered between 4,300 dollars and 4,400 dollars throughout the week.
Factors Affecting the Market
Oil prices, developments in the Strait of Hormuz, and fluctuations in the dollar directly affect gold prices. Additionally, the steps to be taken by the FED and interest rate decisions are of critical importance regarding the direction of the market.