Gold rallied as investors softened their forecasts for the Fed’s future rate hikes after falling to its lowest close since March.
Spot gold is trading at $1,967 an ounce. On the gram gold side, the record series does not end. According to the calculations made on ounce gold and interbank rates, gram gold reached its new historical peak with 1,479 TL.
Quarter gold is sold at 2,400 liras, and Republic gold at 9,710 liras.
U.S. bond yields stabilized as investors lowered their expectations for further tightening after a sharp rise Wednesday following the Bank of Canada’s decision to restart the rate hike cycle against expectations.
While the weighted view of the markets is that interest rates will increase a little more in the USA, it is evaluated that this situation will have a negative effect on non-interest-bearing gold.
Investors evaluated the surprise rate hikes in Canada and Australia, as well as the Reserve Bank of India’s decision not to change interest rates.
However, China has increased its gold reserves for the seventh consecutive month, signaling continued strong demand for the precious metal from central banks globally.
Citi lowers its short-term forecast for ounce gold
Citi’s research unit also published a report for the ounce of gold. The institution revised down its short-term target for ounce gold. bank ounce under He lowered his target level for 0-3 months from $2,100 to $1,915.
Predicting that the price will recover above $2,000 per ounce for the 3-6 month period, Citi argued that the macro environment will be positive for gold in the 12-month period.