CYPRUS MIRROR
reading time: 3 min.

Dollar stopped, gold breathed

Dollar stopped, gold breathed

While the rally of the dollar in global markets took a break, the downward momentum in commodities ceased. On the first trading day of the week, gold, which saw the lowest level in 2.5 years, recovered on the new trading day.

Publish Date: 27/09/22 12:39
reading time: 3 min.
Dollar stopped, gold breathed
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The stagnation of the dollar's rise on Tuesday provided some relief for the noninterest-bearing precious metal.

Spot gold hit the level of $ 1,638 an ounce.

While gold has traditionally been seen as a safe-haven, global recession concerns caused by monetary tightening by central banks have triggered huge gains in the dollar instead of the precious metal.

It is evaluated that the decline in other major currencies, including the pound and yen, may continue to put pressure on commodities priced in dollars.

Energy and raw materials markets were also hit, with the Bloomberg Spot Commodity Index, a critical indicator, falling to its lowest level since February.

“Attention is still on the strengthening of the dollar and this may continue to put pressure on the precious metal,” said Commtrendz Risk Management Services Director, Gnanasekar Thiagarajan. “Further rate hikes to rein in inflation reduce the safe-haven property of gold, causing confidence to turn negative,” said Gnanasekar Thiagarajan, in the coming weeks. He added that he expects it to decline to $ 1,550 levels.

The market may face a new surge after the release of US inflation data this week and the speeches of Fed officials such as Fed Vice Chairman Lael Brainard and New York Fed President John Williams.

Spot gold, which generally has a negative correlation with the dollar and interest rates, entered the bear market by falling 20 percent after the record levels it saw in 2020.

GRAMS OF GOLD PRICES

According to the current data, gram gold prices are traded at 968.02 lira buying and 968.20 lira selling price.

QUARTER GOLD PRICES HOW MUCH?

According to the data, quarterly gold prices are traded over a thousand 548.84 lira buying and a thousand 583.01 lira selling price.

GOLD/ONS ($) PRICE

Thousand 630.24

Thousand 630.57

HALF GOLD PRICE

3 thousand 087.99

3 thousand 166.01

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