Return to safe haven: Gram gold exceeded 2 thousand 200 liras

Ounce gold started to climb as developments in global financial markets, weak US economic data, and the Fed increased its interest rate cut expectations within the year. Israel’s continued genocide in Gaza and the recent resurgence of the Russia-Ukraine War are also effective in increasing interest in gold. The cyclical developments faced by global money markets also affect local markets. This situation caused investors to turn to safe haven assets.

GRAM GOLD EXCEEDS 2,200 LIRAS

Gram gold price increased to 2 thousand 208 TL, showing an increase of 7.32% in the first week of March. Ounce of gold exceeded 2 thousand 150 dollars in the international market. In Turkey, quarter gold approached 3 thousand 900 liras, half gold reached 7 thousand 750, and full gold reached 15 thousand 620. It is stated that in addition to the fluctuating course of the stock market, the rise in reserve currencies such as the dollar and euro is also effective in turning investors towards gold.

RAPID INCREASE IS NOT HEALTHY

Borsa Istanbul (BIST), which is notable for its high performance in 2024, suffered a loss of approximately 3 percent in the first days of March. BIST, which retreated from its peak of 9,400 points to 8,750 points, gained momentum again in the middle of the week and rose above 9,000 points. Drawing attention to the aggressive rise in gold, Gold and Money Markets Expert İslam Memiş warned against harsh fluctuations. Memiş stated that ounce gold rose to the level of 2 thousand 141 dollars in international markets, but he found the rapid rises unhealthy. Emphasizing that there are technically violated areas, Memiş suggested to follow the range of 2 thousand 50 – 2 thousand 150 dollars in the coming days. Memiş; He also pointed out that the US non-farm employment data and the statements of the FED President on Friday may have an impact on the markets.