Latest situation in gold prices following US employment data and Trump's statements
Gold prices, which declined after non-farm payrolls data exceeded expectations, partially recovered with Donald Trump's statements regarding the Fed.
Following the release of US non-farm payrolls data above expectations, sharp declines occurred in gold prices, while developments in ounce and gram gold markets were evaluated by experts.
Decline After Employment Data
The announcement of US non-farm payrolls data at 162,000 against expectations of 55,000 led to sharp declines of around 2 percent in gold.
The unemployment rate remaining steady at 4.1 percent was among other factors affecting market volatility.
Trump's Statements and Recovery
It was stated that the downward trend in gold was curbed by Donald Trump's statements.
It was expressed that with Trump's remarks threatening the Fed, 50 percent of the loss in gold was recovered and the week was closed with a 1 percent loss.
Current Levels in the Markets
It was reported that gram gold in the domestic Grand Bazaar market is traded at the level of 6,879 liras.
Ounce gold, on the other hand, was reported to have completed the week at the level of 4,430 dollars.
Short-Term Expectations and Price Ranges
It was stated that a consolidation is expected in the short term within the range of 4,300 to 4,500 dollars for ounce gold, and 6,800 to 7,200 liras for gram gold.
It was emphasized that US inflation figures to be announced next week will be a new directional determinant for the market.
Citizens' Selling Tendency and Year-End
It was reported that citizens seized the opportunity of gram gold rising up to 7,229 liras to sell in order to buy houses and cars.
It was stated that a test of 5,000 dollars could be seen on the ounce gold side by the end of the year.