Gold analysis from an expert: $4,750 target for gold per ounce

Gold and Money Markets Specialist Mehmet Ali Yıldırımtürk reported that in line with developments in global markets and central banks' gold demands, the $4,000 support level for gold per ounce remains strong, and that levels of $4,500, $4,650, and $4,750 could be targeted in the medium and long term.

While decisions by the US Federal Reserve (Fed), the European Central Bank (ECB), and the Bank of Japan (BoJ) are being monitored in global markets, the decline in US 10-year bond yields from 5.35% to the 4.96-4.97% band has eased the pressure on gold. Stating that a strong dollar occasionally suppresses prices, Gold and Money Markets Specialist Mehmet Ali Yıldırımtürk emphasized that the $4,000 support level for gold per ounce remains quite strong and that drops below this level are not permanent.

Noting that central banks continue their gold purchases, Yıldırımtürk reminded that according to World Gold Council data, China has bought approximately 1,000 tons of gold in the 8-month period since the beginning of the year. Stating that countries have been pulling their gold into their own treasuries following the seizure of Russia's assets, Yıldırımtürk conveyed that Germany brought back its 1,200 tons of gold in the US and the Netherlands brought its assets back to its own country.

Stating that investors whose funds are stuck in the domestic market have had to sell gold for short-term payments, but that this situation is temporary, Yıldırımtürk noted that the money coming out of funds has a high probability of turning towards gold in the medium and long term. Expressing that the price gap between the domestic and foreign markets is hovering at an extra $500-600 per kilogram, Yıldırımtürk reported that technically $3,850 is an important support for gold per ounce, and after testing $4,225 in the short term, levels of $4,500, $4,650, and $4,750 can be targeted. Stating that industrial demand has lagged behind in the silver market, Yıldırımtürk predicted that if the $55-57 resistances are surpassed, silver could gain momentum towards the $62 level.