New Targets for Gold Prices and the Course of Global Markets

During a period when decisions by the US Federal Reserve, the European Central Bank, and the Bank of Japan are being monitored, the decline in US 10-year bond yields has eased the pressure on gold. Gold and Money Markets Specialist Mehmet Ali Yıldırımtürk reported that the $4,000 level in gold per ounce forms a strong support and that new targets could climb up to $4,750.

Stating that central banks continue to purchase gold, Mehmet Ali Yıldırımtürk pointed to data from the World Gold Council and said that China bought approximately 1,000 tons of gold in the first eight months of the year. Following decisions to confiscate Russia's assets abroad, the tendency of countries such as Germany and Holland to repatriate a portion of their reserves to their own countries has strengthened.

Evaluating the impact of the fund crisis in Turkey on domestic gold movements, Yıldırımtürk stated that some investors whose money remained in funds had to sell gold to meet short-term obligations, but the money likely to exit the system has a high probability of turning toward gold in the medium and long term. It was noted that the premium between Turkey and international markets has widened to around $500-600 per kilogram. On the silver side, it was recorded that industrial demand has weakened and the $55-57 resistance zone is being monitored.