SHAFAKNA TURKEY. While market participants waited for messages from the Fed’s minutes, rising bond yields became a new factor that created downward pressure.
While the price of gold in the spot market was testing below $1,835, prices were at a 6-week low. Under the influence of the horizontal exchange rate on the dollar / Turkish lira, gold prices also moved in the range of 1.110-1.115.
Gold-backed spot ETFs worldwide also fell to their lowest level since April 2020.
Spot gold rose sharply in January amid expectations that the Fed will slow down its rate hike cycle after inflation data showed a decline and gram gold hit records one after the other.
On the other hand, Fed officials have warned that the fight against inflation is far from over and that it may be necessary to keep interest rates high for a long time.
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