Will ounce gold exceed 250,00 level?

Will ounce gold exceed 250,00 level?

Turkey’s Central Bank on Wednesday kept its interest rate policy constant at 24 percent. Following this decision, the downward trend in the exchange rate increased with the appreciation of Turkish Lira assets. Although the risk appetite in the markets has increased its negative outlook, the currencies of countries that do not have a current account deficit tend to gain value. We see that the reasons for maintaining the tight monetary policy stance in the statements made have changed compared to the previous MPC meeting. In another development during the day, the U.S. Consumer Price Index for increased 0.1 percent in May on a seasonally adjusted basis after rising 0.3 percent in April, the Bureau of Labor Statistics reported on Wednesday, missing the estimates.

In the light of all this information, there is a positive impact of the increasing demand for safe haven with the decrease in risk appetite in Gold prices as well as the USD/TRY assets that increase the withdrawal potential. In addition, the impact of weak US dollar and US 10-year bond rates appears to have increased the potential for gold to rise. Thus, maintaining the outlook within the rising channel formation in Gram Gold, where we see a surge in USD/TRY-driven increases, is important for the continuation of the uptrend.