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Gold prices delivered a significant surprise to investors following the Qurban Bayram, also known as Eid al-Adha. The cost of a gram of gold, trading at ₺2400 before the holiday, first surged above ₺2500 today, setting a new record, before retracting to ₺2450 amid sharp fluctuations.
Financial Analyst Islam Memis addressed the questions on investors' minds following the volatile day in the market.
Islam Memis, a financial analyst, offered insights into the fluctuating gold prices. He highlighted that despite reaching ₺2500 today; the metal had dipped below ₺2400 before the holiday.
Memis emphasized July could mark the beginning of an upward trend, indicating a potential for further gains.
Memis advised investors to seize opportunities presented by declines before the holiday, predicting a bullish trend in July. He underscored that despite recent fluctuations, gold remains a resilient investment amid global uncertainties and inflationary pressures.
Gold, renowned as one of the most profitable investments of all time, surprised investors over the past two trading days post-Eid.
Starting below ₺2400 before the holiday, the price of a gram of gold soared above ₺2500, showcasing a rapid appreciation of ₺100 in just two weeks. This surge correlates with a $70 increase in the price per ounce, which peaked at $2368 before encountering resistance and falling to $2321, prompting a ₺20 decline per gram.
With gram gold currently trading freely at ₺2500, amidst a backdrop of inflation and central banks accumulating gold reserves, uncertainty prevails in global markets. Islam Memiş advised investors to consider gold as a haven amid geopolitical tensions and fluctuating oil prices, highlighting its potential as a stabilizing asset in volatile times.
Looking ahead, Memis predicted a continued upward trajectory for gold, suggesting potential prices ranging from ₺2600-2700 and potentially reaching ₺3000. He maintained his long-term forecast of ₺3500, emphasizing that gold remains a crucial hedge against inflation and a store of value amid increasing global demand.
For those unable to invest in gold at current levels, Memis recommended considering silver. Highlighting its comparative affordability with grams priced at ₺32, he pointed out that silver had outperformed gold, yielding around 40% returns compared to gold's 20% in recent months.
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