Will the decline in gold continue? Experts expect a second wave

Gold, which started the new year with record-breaking gains, has changed direction in recent weeks. Following consecutive records, prices have begun to retreat. While the losses in gram gold and ounce gold are particularly notable, investors are seeking answers to the question, 'Is this decline permanent?'

 Experts, however, state that the volatility in gold is short-term and point to critical levels.

HOW LONG WILL THE DECLINE IN GOLD LAST?

According to a report on CNN Türk, Gold and Money Markets Expert İslam Memiş stated that the decline in gold could continue for some time. 

Memiş said, "After an eight-week rally, the wind has changed direction and a sharp pullback has occurred. A decline process has begun in gold prices, which are seen as a safe haven."

Noting that there has been a significant decline, especially in gram gold, Memiş stated, "Currently, gram gold is at 3387 TL and ounce gold is at 2857 dollars. In the span of one week, there has been a 100-dollar drop in ounce gold and a 195 TL drop in gram gold. The expected profit-taking has begun and may continue for a few more weeks."

EXPECTATION OF A 'SECOND WAVE' IN GOLD

Experts state that this decline will be short-term and that a 'second wave' could occur. Memiş said, "In the second wave, there could be dips below the 2800 dollar level. We will be monitoring the 2770-2720 dollar levels in March."

THE RISE MAY BEGIN AFTER APRIL

Providing important messages for investors who want to buy gold during this period, Memiş stated, "It is necessary to follow the price declines throughout March. We believe that these declines will turn into a buying opportunity at the end of March. Because after April, upward movements may begin again for gram gold."

"THE DECLINES WILL NOT BE PERMANENT"

Telling gold investors not to panic, Memiş warned investors by saying, "For those holding gold, these declines are temporary. We expect a recovery in the short term. However, for those who want to buy gold, it may be important to evaluate opportunities throughout March. The declines will not last long, they will not be permanent."