Safe-haven gold soared as the exchange rate broke a record

Turkish While the lira melts day by day, the gram of gold continues to break record after record. Despite the horizontal course of the price of an ounce of gold, the gram of gold reached a new all-time high due to the strong rise in the dollar exchange rate. The horse gram, which entered the Eid al-Adha holiday with a new peak reaching 1,621 lira, has outperformed the dollar, euro and sterling with a 47 percent gain since the beginning of the year.

500 TL OF PROFITS

Gram gold, which closed the year 2022 at 1,100 liras, obtained a premium of 500 liras in 6 months. Exchange rates completed the first 6 months of the year at the top. Since the beginning of the year, the dollar has risen 39 percent against the TL, 43 percent against the euro and 46 percent against the pound sterling. As of this week, the dollar broke a record with 26.12 TL, the euro 28.89 TL and the pound sterling 33.40 TL. Although the possible permanence of the dollar, especially above the 26 TL level, supports the bullishness of the gram of gold, prices on the ounce of gold are more sensitive to announcements about interest rate increases in the USA in the short term.
plays a decisive role.

The falcon Powell effect under the ounce

The ounce of gold, which was at the lowest level in recent times, started the new week at $1,922. Yesterday, the hawkish remarks by the US Federal Reserve (Fed) Chairman, Jerome Powell, which will reinforce expectations that the cycle of interest rate hikes will continue, dropped to $1,903 an ounce.