Ideal Buying Range for Gram Gold Announced
The prices of gold have been determined. As the decline in gold prices continues, there's a growing curiosity about the answer to the question, 'Will gold prices rise?' Economist Filiz Eryılmaz weighed in on the matter of gold prices. She pointed out that the uptick in the dollar index and the stringent monetary policy steps by the U.S. Federal Reserve (Fed) are putting pressure on the market. Eryılmaz argued that the current prices do not reflect the reality and stated, 'Gold and silver are not currently valued as they should be.'
June 22 gold prices: How much is gold?
What's the price of a gram of gold?
The price of a gram of gold stands at 6,258 TL.
How much does a quarter gold coin cost?
The cost of a quarter gold coin is 10,316 TL.
What about the price of a half gold coin?
The price for a half gold coin is 20,620 TL.
And the cost of a Republic gold coin?
The cost of a Republic gold coin is 41,139 TL.
What's the price of an ounce of gold?
An ounce of gold is priced at 4,190 dollars.
Why didn't gold prices increase?
The dollar index hovering around 100.6 has triggered a significant sell-off wave on precious metals on a global scale. Economist Filiz Eryılmaz pointed out that not only the pressure from the Federal Reserve was behind this market pullback, but also the downward break of technical support levels, which led investors to adopt a cautious stance and distance themselves from the market. This confusing process in investors' search for a safe haven is causing prices to remain considerably below their potential.
What will determine the direction of gold prices?
This week holds critical turning points for gold and silver investors. Eryilmaz anticipates that the markets' search for direction will become clear within this week. Particularly, the U.S. Personal Consumption Expenditures (PCE) data to be announced on Thursday is on the markets' radar, as it is expected to provide the clearest signal regarding the Fed's next move.
In addition to the data, news flows from the geopolitical front are also closely monitored. The renowned economist suggests that positive steps towards peace in the global arena could breathe life into gold prices. Conversely, he issues a serious warning that if the negotiation processes break down, parallel to a surge in oil prices, the price of an ounce of gold could test below $4,000.
When will the selling pressure on gold ounces end?
Drawing attention to the technical levels in gold ounce, Filiz Eryılmaz described the range of 4,140 to 4,180 dollars as a definitive 'wait and see zone.' The economist emphasized that investors should refrain from making hasty decisions within this range. She underlined that in order to assert that the selling pressure in the market has completely disappeared, it is essential for the gold ounce to surpass the level of 4,252 dollars. Moreover, she reminded that it's not advisable to take positions solely based on the fluctuations in the Asian markets for determining the direction. Instead, one should wait for the volume of the U.S. markets at opening.
Attention, prospective gold buyers: Here's the ideal zone for gold purchase.
Evaluating the domestic gold prices, Eryılmaz provided precise figures to guide investors. Eryılmaz suggested that any closing below 6,175 liras in gram gold could further intensify the downward trend, while the real strengthening in the market and the main upward momentum would commence once the 6,245 lira threshold is surpassed.
The expert also touched upon the strategy that should be adopted at the current levels. He stated that the vicinity of 6,200 liras could be considered for limited purchases, yet, from a risk management perspective, the range between 6,100 and 6,200 liras generally stands as the most ideal and secure zone for staggered purchases.
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