18.11.2024 09:21
According to Goldman Sachs, gold is expected to reach record levels next year due to central bank purchases and interest rate cuts in the U.S. On the other hand, gold, which experienced a decline of over 5% last week, started this week on a positive note.
Gold investors have rekindled their hopes after a challenging two weeks.
Goldman Sachs' analysis highlighted the importance of interest rate cuts in 2025, supported by central bank gold purchases and the backing of the United States.
Goldman Sachs analyst Daan Struyven, who suggests that gold, one of the most important commodities, will continue its upward trend in light of these developments, stated that the price of gold could rise to $3000 per ounce. Struyven hopes that the $3000 target will be achieved by December 2025, linking the structural rise in gold to the Fed's continuation of interest rate cuts. If interest rate cuts continue, the analyst mentioned that the flow of funds into exchange-traded funds could also accelerate.
CURRENT STATUS OF GOLD PRICES
A recovery in gold prices has begun to be observed. After experiencing a decline of over 5% last week, gold started this week positively.
The significant inflation data in the U.S. being behind us and the emergence of new expectations for interest rate cuts from the Fed have started to support gold.
SPOT GOLD
Spot gold started the day at $2562. During the day, the lowest level seen was $2562, and the highest was $2597. Currently, it is trading at $2590.
GRAM GOLD
Gram gold started the day at 2831 lira. During the day, the lowest level seen was 2827 lira, and the highest was 2879 lira. Currently, it is finding buyers at 2871 lira.
GOLD IN THE GRAND BAZAAR
In the Grand Bazaar, gram gold is being bought at 3006 lira and sold at 3040 lira.