Gold Prices Decline in Markets and Year-End Forecasts Announced
While gram gold ended the week with a 2 percent loss in value, expert figures shared their year-end projections and recent developments in global markets.
With the rise in oil prices and expectations of a Federal Reserve interest rate hike, gram gold closed the week with a 2 percent loss in value.
Weekly Closing Figures
On the final trading day of the week, gram gold found buyers at the level of 6,749 liras, while this decline in the markets was closely monitored by investors.
Other Gold Types
In parallel with the general market trend, quarter gold was traded at 10,818 liras, half gold at 21,602 liras, and full gold at 43,203 liras.
Global Developments and Meetings
While all eyes in the markets turned to the meeting between US President Trump and Chinese President Xi Jinping, no major decision directly affecting the market emerged from these contacts.
Fed Expectations and Dollar Impact
It was stated that the decline in gold stemmed from the Fed's interest rate hike expectations and the appreciation of the dollar index, with expectations for October reaching 70 percent.
Year-End Gram Gold Forecast
Gold and Money Markets Expert Şirin Sarı announced her year-end gram gold forecast as a wide band between 6,500 and 7,500 Turkish Liras.
Ounce Gold Expectations
It was noted that the year-end forecasts shared by the expert point to levels of 3,800 and 4,500 - 4,600 for ounce gold.