Investing. com – FOMC meeting, which brought asset purchases to the agenda and some Fed officials’ statements supporting an early interest rate increase, which lost sharply in June. ounce gold July started calmly.
Returning from $1,750 last week, the precious metal closed the week at $1,787 after non-farm employment announced on Friday. Despite the fact that employment in the USA was better than expectations, the effect of inflation on prices remained finite and the unemployment rate was 5.9%, a decline in the dominant dollar in the markets during the week, and gold closed the week with an increase.
1,784-1 today. The $ 1,820 level is watched as the closest precious resistance in the rise, which is in a very narrow band in the $ 794 range.
If in the country USD/TRY exchange rate traded at very high levels in the range of 8.70-8.60, while the profit decreased in June with the loss in ounces. grams price increased to 5001 TL in the first week of July with a premium of close to 1%. After the rise at the beginning of the day, the price, which saw the process at 499 TL in the last hour, is watched as 508 TL resistance.
In global markets, the expectation that the Fed will start to increase interest rates in 2022 and take steps such as word guidance and reduction in asset purchases before this process is seen as the biggest uncertainty in the near-term outlook of gold. Every positive data and hawkish statement on the occasion also suppresses the price. On the other hand, the continuation of the rise in the commodity cluster shows that gold can take a foothold for a while.
Editor: Deniz Engin