What’s going on with gold prices! Experts warned
When OPEC+ started to cut production in order to recover the falling oil prices and the Fed’s interest rate hike expectations increased, gold prices started to decline.
Gold, which started to rise with the expectation that the Fed will reduce the rate of increase in interest rates, is experiencing a decline due to oil prices this time.
After OPEC+’s decision to cut production, expectations for a rate hike from the Fed rose. As a result, the demand for gold declined.
OPEC+, which unexpectedly cut oil, caused the US dollar to strengthen as well as the decline of gold.
An ounce of gold started its day at 1968 dollars. During the day, the lowest level was 1951 dollars and the highest was 1970 dollars. Currently, an ounce of gold finds buyers at 1951 dollars.
Gram gold was also negatively affected by the decline in ounce gold. Gram gold started the day at 1214 liras. During the day, the lowest level was 1203 liras and the highest 1217 liras. It is currently trading at 1204 liras.
ANALYTISTS FORESE A DECREASE
Analysts explained that if gold prices remained below $1956, they could regress to $1927, while highlighting the 1965 dollar level as a resistance.
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Gold prices have fallen due to the OPEC+ decision to cut production and the resulting strengthening of the dollar, according to experts. The precious metal had been rising in anticipation of a slowdown in the rate of increases in interest rates by the Federal Reserve. An ounce of gold began the day at $1,968, with the lowest level during the day coming in at $1,951 and the highest at $1,970. The metal is currently being sold for $1,951 per ounce. Analysts predict that if prices remain below $1,956, they could fall further to $1,927, with a resistance level of $1,965.
