Ounce gold price started to rise again after the decrease experienced last week. The price of gold, which dropped to $ 1,900 with the news of the vaccine from Russia, exceeded $ 1,950 at the beginning of this week. Continuing to rise in the following hours, gold again exceeded the $ 2,000 threshold today. So, will the price of gold continue to rise? What is the interpretation of Standard Chartered?
Both domestic and foreign investors have the question of whether the gold price will continue to rise. Some experts say the price of gold could drop as low as $ 1,500 before making a new jump, while others say the price of gold will rise up to $ 2,500.
Will the Upward Movement Under It Continue?
Suki Cooper, one of Standard Chartered’s gold experts, thinks that the upward trend in the price of gold will continue. The long-term gold interpretation of Standard Chartered analysts, which refers to low interest rates and the increasingly weakening US Dollar, is that the price will rise.
The price of gold may decline in the short term due to investors selling profits. In addition, it is thought that things such as the availability of the coronavirus vaccine, the recovery of the world economy, and the decrease in the demand for physical gold may cause the price of gold to decrease in the long term. However, according to analysts at Standard Chartered, the weakening of the dollar will have a positive impact on gold prices. According to the information reported by Kitco News, Cooper’s golden comment is as follows:
“The dollar continues to weaken as states prepare massive aid packages. As Standard Chartered, we think there will be no change in low or even negative interest rates. If too many people don’t sell profits, we think the upward trend under it will continue. ”
Domestic Investors Are Moving To Gold
As gold prices continue to rise and the Turkish Lira depreciate, local investors find the solution to switch to gold. With the dollar rising to 7.40 liras, the Turkish Lira began to weaken. Domestic investors trying to protect their capital are switching to foreign currency or gold.
In line with this demand of gold experts think gold prices could continue to rise in Turkey. Names such as Mehmet Ali Yıldırımtürk, Vice President of Istanbul Jewelers, Jewelers and Sarraflar Subject, think that the price of gold will rise independently from the coronavirus.