Tensions between Russia and Ukraine continue closely by investors. With the acceleration of diplomatic negotiations during the Ukrainian-Russian war, gold continued to fall and commodities in general fell below their previous peaks, but there are concerns that the global economy may be shocked by inflation before the FRB prepares to raise rates. Is left.
ONS GOLD and GRAMS GOLD
Meanwhile, gold’s ounce price fell 2.9% to $ 1,991.2 after hitting the highest level since August 2020 at $ 2,070 the day before, hoping that Russia and Ukraine’s diplomacy would be effective. became. One ounce of gold is trading at $ 1,980, down 0.6% today.
The gram price of gold is trading at 939 lira, down 0.1% at 10:30 am after the new day fell. For the same amount, Quarter Gold is priced at 1,540 Lira and Republic Gold is priced at 6,291 Lira.
The eyes of the world are in Antalya
Turkey hosts important conferences during the Russian-Ukraine War. Russian Foreign Minister Sergeĭ Viklov and Ukrainian Foreign Minister Dmytro Kuleba will meet in Antalya as part of a diplomatic forum.
Oil prices began to fall yesterday as market investors’ concerns over Russia’s oil supply turmoil eased and the International Energy Agency reported that member states’ emergency reserves were ready to bring more oil to the market. ..
Prices have fallen following news that the United Arab Emirates is calling on OPEC + Group, which consists of OPEC and non-OPEC oil-producing countries, to increase production.
Brent crude barrel prices rose 0.98% to $ 112.23 as of today at 09:18. In the same minute, West Texas type crude oil found a buyer for $ 108.98 a barrel.
Significant Gold Prediction from Citibank: Rally Can Be Reversed
Geopolitical uncertainties caused by the war between Russia and Ukraine underpin a short-term rise in gold prices. However, in the view of Citibank economists, the recovery in the precious metals market is expected to reverse.
In the medium term, the risk premium should drop as higher real yields and stronger stocks can put pressure on bullion prices again, according to analysts at world-renowned banks. However, according to Citibank analysts, strong physical demand in Asia and recession hedging measures could reduce the extent of price declines in 2022. In addition, if the precious metals market remains strong until April, it may indicate a new price increase cycle. In this case, analysts say the gold / interest rate debate needs to be reconsidered.
What are the analysts saying?
Analysts focused on the European Central Bank’s (ECB) interest rate determination followed by a statement by ECB Governor Christine Lagarde on the data agenda, domestic weekly funding and banking statistics, and the Consumer Price Index (CPI) abroad. In the United States. ) Reported to be prominent.
Technically speaking, analysts said $ 1,960 per ounce of gold could be support and $ 2,020 was the resistance level.