Latest status in gold prices: Ounce at $4,362
As spot gold starts the day at $4,362 in global markets, fund flows into ETFs and central bank monetary policies are closely monitored.
In global markets, the ounce price of gold started the week with a horizontal downward trend, trading at $4,362, while gram gold started the day at 6,842 TL. Experts draw attention to strong fund inflows into ETFs and FED decisions.
Current Levels of Gold in Global Markets
Spot gold had ended last week with a 0.67 percent premium at $4,378, ending a three-week losing streak. In the early hours of the new week, prices showed a horizontal downward trend and stabilized at the $4,362 level.
The price of gram gold starting the day continues to find buyers at the level of 6,842 Turkish Lira.
Impact of the Decline in Oil Prices
The retreat of oil prices to the threshold of $101.5 alleviated inflation concerns on a global scale and provided support to gold prices.
Diplomatic steps towards ending the conflicts in the Middle East and the restoration of energy flow created downward pressure on oil prices.
US Central Bank and Interest Rate Decisions
While the monetary policy of the US Central Bank maintains its determinative nature for the gold market, the bank raised the interest rate by 25 basis points on September 16.
Minneapolis FED President Neel Kashkari emphasized that inflation pressures are not limited to oil prices alone and persist in the general economy.
Strong Fund Inflows into ETFs
Total assets in global gold-backed ETFs approached the threshold of 100 million ounces, heading towards the highest level of the last nine months.
In August, a total of $18 billion in capital inflows occurred into global gold ETFs, and these inflows continued uninterrupted for the last eight trading days.
Strategists' Ounce Gold Targets
Saxo Bank Commodity Strategist Ole Hansen drew attention to the increase in ETF assets and evaluated the first resistance zone to be monitored if the recovery continues.
According to Hansen, the 200-day average level, which will determine whether the recovery in the ounce price will continue, stands at $4,540 as of today.