Investors keep close eye on gold price movements
Investors maintain vigilant watch over the dynamics of the gold market as prices remain a focal point of their strategies
Turkish gold markets are on high alert Thursday, closely monitoring international developments and domestic price movements. While the free market price of gold sits at TL 2242 per gram ($69.60), a significant bump is observed in Istanbul's Grand Bazaar, where gram gold is reaching TL 2,437.
Gold market expert Mehmet Ali Yildirimturk offers insights for both short and long-term investors. He predicts mid-term fluctuations between TL 2500-3000 per gram, while recommending short-term investors consider taking profits due to current market conditions.
Looking beyond the Turkish market, international factors continue to play a major role. Economic data from the U.S., particularly the producer price index (PPI) and retail sales figures, hold significant influence.
Furthermore, the upcoming Federal Reserve meeting in March is a focal point, with expectations of an interest rate cut potentially impacting gold prices globally. Dr. Filiz Eryilmaz, chief economist at ALB Investments, emphasizes the crucial role potential interest rate reductions could play in driving up gold prices.
