Daily Sabah logo

Politics
Diplomacy Legislation War On Terror EU Affairs Elections News Analysis
TÜRKİYE
Istanbul Education Investigations Minorities Expat Corner Diaspora
World
Mid-East Europe Americas Asia Pacific Africa Syrian Crisis Islamophobia
Business
Automotive Economy Energy Finance Tourism Tech Defense Transportation News Analysis
Lifestyle
Health Environment Travel Food Fashion Science Religion History Feature Expat Corner
Arts
Cinema Music Events Portrait Reviews Performing Arts
Sports
Football Basketball Motorsports Tennis
Opinion
Columns Op-Ed Reader's Corner Editorial
PHOTO GALLERY
JOBS ABOUT US RSS PRIVACY CONTACT US
© Turkuvaz Haberleşme ve Yayıncılık 2023

Daily Sabah logo

عربي
  • Politics
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • Elections
    • News Analysis
  • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Expat Corner
    • Diaspora
  • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • Islamophobia
  • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
  • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
  • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Reviews
    • Performing Arts
  • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
  • Gallery
  • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
  • TV

Gold prices will continue to drop, experts say

by Daily Sabah with AA

ISTANBUL Aug 05, 2015 - 12:00 am GMT+3
by Daily Sabah with AA Aug 05, 2015 12:00 am
Gold and money market expert Mehmet Ali Yıldırımtürk indicated that the concerns over the dollar appreciating against gold will continue. "The increase in the price of gold last Friday was due to the end-of-the-month contract activity and weekend risk," Yıldırımtürk said, and stressed that gold prices will continue on their downward trend. He also said economic data announcements from the U.S. will shape the trajectory of gold, and added that in Far East and Asian markets euros-to-dollars was traded at 1.093-1.095 while gold was traded at 1,080.30-1,086.10 dollars-to-ounces yesterday morning.

Yıldırımtürk underlined that these markets closed last week with euro-to-dollar rates at 1,094.5 and gold (dollars-to-ounces) at 1,083.50. "The slowdown on global economic growth pressurizes commodity and industrial metal markets as well as decreases the price of precious metals," Yıldırımtürk said, emphasizing that gold will follow its downward trend for the rest of the week, apart from minor fluctuations caused by expectations of the dollar's appreciation. The gold and money market expert said as long as gold stays below the 1,085 support level, it could initially see 1,080 and 1,077 support points, whereas if gold exceeds $1,085 per ounce, there would be short-term pivot points between 1,087 and 1,092 support points.

According to Borsa Istanbul Precious Metals and Diamonds Markets data, gold exports sharply increased in July by a remarkable 884.3 percent compared to July 2014, moving up from 1.5 tons to 14.3 tons. Thus, gold exports in July also amounted to an eight month peak. Turkey's gold exports in July increased 958.4 percent compared to last June, when the export amount totaled 1.4 tons. Between January and July, Turkey exported 25.6 tons of gold with a 49.7 percent decrease from the same period last year when the country exported 50.9 tons of gold.
  • shortlink copied
  • RELATED TOPICS
    fight-against-terrorism DEUTSCHE-BANK US-LIBYA-RELATIONS
    KEYWORDS
    business
    The Daily Sabah Newsletter
    Keep up to date with what’s happening in Turkey, it’s region and the world.
    You can unsubscribe at any time. By signing up you are agreeing to our Terms of Use and Privacy Policy. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
    No Image
    Etna, Ukraine tensions and waves: Weekly top photos
    PHOTOGALLERY
    • POLITICS
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • News Analysis
    • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Diaspora
    • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • İslamophobia
    • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
    • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
    • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Performing Arts
    • Reviews
    • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
    • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
    • Photo gallery
    • Jobs
    • privacy
    • about us
    • contact us
    • RSS
    © Turkuvaz Haberleşme ve Yayıncılık 2021