Turkish gram gold expected to exceed 7,000 TL
Financial analyst İslam Memiş has reiterated his forecast that the price of gram gold in Turkey will exceed 7,000 Turkish lira (TL).
This comes despite the gold market recently experiencing profit-taking, which has slowed a two-week upward trend.
The most recent trading week concluded with international ounce gold quoted at 2,746 US dollars.
Meanwhile, gram gold, a popular form of investment in Turkey, was observed trading at approximately 3,116 TL in the historic Kapalıçarşı (Grand Bazaar) in Istanbul. Gold is traditionally viewed as a safe haven and a vital hedge against inflation and currency fluctuations for many Turkish households and investors.
The price development of gram gold is therefore of significant interest to the public, as it directly impacts purchasing power and asset values.
Memiş emphasises the importance of monitoring support levels in the coming week, indicating that the market may remain volatile.
His persistent belief in a price above 7,000 TL for gram gold reflects an expectation of continued strength in the gold market, notwithstanding short-term corrections. A potential price increase to over 7,000 TL for gram gold would have significant implications for Turkish investors and private individuals who traditionally place their savings in precious metals.
This could potentially increase the value of existing gold holdings and influence future investment decisions during a time of persistent economic uncertainty in the region.
Source: Haberglobal
