Current Status in Gold, Dollar / TL and Bitcoin Before FED’s Interest Decision
Global markets closed positively in the past week. In the new week, the decision of the Federal Reserve ( FED ) is followed. It is seen that profit sales before the Fed decisions to be announced are also effective in the stock markets that have been on the rise with the mitigation of coronavirus measures.
The FED interest meeting will be held today. Open Market Committee (FOMC) decisions will be announced at 21:00, followed by statements by Fed President Powell at 21.30. The Fed is not expected to change the interest at the meeting. At the meeting, more than likely going to monetary expansion, lending will be given information about different plans. The Fed will also announce employment and growth targets for the first time since the virus outbreak.
Gold Before Fed Meeting
Gold prices, and the decline of the dollar with investors turning their focus stock standstill; retains two days’ earnings.
Gold continues to receive support from investors and institutions. Goldman Sachs, gold prices; He stated that if the FED decides to tolerate inflation that is higher than expected, the precious metal could rise to $ 2,000 per ounce. However, the company reiterated its 12-month price forecast at $ 1,800, stating that this is not the bank’s base scenario. Billret, money manager, investor and businessman Jeffret Gundlach stated that his long-term forecasting on gold is upward, and that gold, which moves with the expectation of “weak dollar”, will reach the highest levels.
Avtar Sandu, director of commodity at Phillip Futures in Singapore, said: “The Fed’s interest rates are expected to recur. Low interest rates are very positive for gold investment demand. ”
Gold, which has experienced a 13% increase since the beginning of the year, is trading at $ 1,723 an ounce at the time of writing.
USD / TRY
The dollar, which is falling globally, has depreciated against most currencies before Asia, before the Fed. Currencies, other than the Indonesian rupee, appreciated against the dollar today. The Chinese yuan has reached its highest level since April 30.
The dollar also lost some value against TL. It is traded at 6.78 at the time of writing.
It is a time of significant price movements remain stationary while the unseen Bitcoin. The leading cryptocurrency trades at $ 9,772 at the time of writing.