17.02.2025 10:01
Concerns are growing that the consecutive record highs in gold prices may come to an end. Hopes for peace in the Russia-Ukraine war, which has been driving prices upward, could lead to a decrease in gold prices. On the other hand, gold is being favored due to the protectionist stance of U.S. President Donald Trump.
The precious metal gold has declared 2024 as the year of records. This increase in prices was further fueled by Donald Trump's protectionist policies. However, markets are concerned that this increase could lead to a downward correction.
Speculation has increased that threats are primarily being used by Trump as a negotiating tool. The customs tariff policies of the Trump administration, along with geopolitical and economic uncertainties, tend to enhance the allure of the bullion, driving prices upward.
OVERBOUGHT SIGNAL OBSERVED
Gold bullion traded around $2,886 per ounce after a 1.6% drop on Friday. The 14-day relative strength index, which measures the speed and intensity of price movements, indicated that gold reached overbought levels at the beginning of the week. Despite Friday's drop, gold achieved its seventh consecutive weekly gain, marking the longest winning streak since 2020.
Gold investors are experiencing one of the most profitable months in recent years. Gram gold, which has gained over 13% since the beginning of the year, continues its upward trend. The ongoing purchases by central banks, including China, as well as the increase in assets in gold-backed exchange-traded funds, have partially contributed to this. On Tuesday, gold bullion reached an all-time high of $2,942 per ounce.
GRAM GOLD PRICES
Gram gold started the day at 3,359 lira. During the day, the lowest level was 3,352 lira, and the highest was 3,381 lira. Currently, it is being bought at 3,380 lira.
OUNCE GOLD PRICES
Ounce gold started the day at $2,885. During the day, the lowest level was $2,878, and the highest was $2,904. Currently, it is trading at $2,903.
GRAM GOLD PRICES IN GRAND BAZAAR
In the Grand Bazaar, gram gold is being bought at 3,434 lira and sold at 3,473 lira.
NOTE: The contents of this news are not investment advice.