Gram gold price continues to expand its losses in the new week after the loss of price last week. The gram, which entered last week at 1039 liras, saw 1005 liras in one week. This decrease was mostly caused by the new inflation data from the USA. Nonfarm payrolls information released last week led to increased pressure on the FED. Therefore, experts began to suggest a volatile price action. However, finance expert İslam Memiş thinks differently.
“Gold prices are affected by monetary policy”
Islam Memiş, who published a new image, shared his latest claims for gold. Accordingly, the expert, who holds many assumptions, drew attention to the data in the USA. According to him, the newly announced data led to a decrease in the price of gold. Markets were betting that non-farm employment data would be 250,000. However, the information disclosed was different from this. The number of people in non-agricultural employment increased by 263 thousand, showing the decrease in inflation.
Emphasizing these data, Memiş advised investors not to sell their gold at this time. He also reiterated his prediction that we will see a big boom in the price of gold, especially in November. According to him, the precious metal closed last week with a decline. The gram, which entered October with 960 liras, rose to 1025 liras in a week. Memiş stated that due to the monetary policy of the FED, ounce of gold decreased to 1615 dollars and increased to 1705 dollars.
“Don’t be fooled by the prices”
In addition, Islam Memiş gave a warning to investors. According to him, investors should not be fooled by the latest price drops and sell their gold. Calling investors not to argue, Memiş said that he expects new rallies. Accordingly, gold prices may see great increases in the coming period. Continuing his words, Memiş also urged investors to buy more gold. According to him, he managed to see great price gains in grams above the 1000 lira band. This indicates further uptrend.
Talking about silver, the expert said that he expects a similar price movement with gold. According to him, silver attracted attention with its rise in the last period. Koindeks.com As we reported, many famous names have pointed to the rise for silver recently. Some even included it in the category of commodities to be bought in collapse. Apparently, Memiş also agrees with this idea. Stating that silver has risen to 12.5 liras, the expert claims that the rally will continue.
“Gram gold at these levels in November”
Listing his estimations for gram gold, Memiş predicted the continuation of the positive price movement. According to him, geopolitical and economic risks will continue to exist in the markets. This will support the rise in the price of precious metals. Memiş states that gold and silver have been under pressure for the last 6 months and says that the exchanged prices are below the real price. According to him, when this suppression ends, prices will reach their original values.
Listing his estimates, Memiş suggested that we can see 1250 liras under the gram by the end of the year. According to him, for the continuation of this optimistic assumption, global inflation must continue to exist. However, the analyst also underlines that the rise of gold is higher in the Central Bank market assumptions. According to him, market participants expect a price tag of 1450 liras for the end of the year under grams.