A first since 2008 for gold: Monthly loss exceeds 12 percent

The decline in gold prices in global markets continued into the new week. Spot gold, which finished the previous trading day with a 1.75 percent loss at 4,017 dollars, fell below the 4,000 dollar level on the last trading day of June. In the morning hours, spot gold was trading at 3,965 dollars.

GRAM GOLD ALSO DECLINED IN THE DOMESTIC MARKET

The decline in international markets was also reflected in domestic gold prices. In the spot market, gram gold started the day at the 5,950 TL level. In the Grand Bazaar, the selling price of physical gram gold was recorded at 6,032 TL.

As the loss in value for spot gold approached 12.65 percent in June, this picture stood out as the sharpest monthly decline seen since the 2008 global financial crisis.

TECHNICAL INDICATORS DRAW ATTENTION

A development that draws attention in terms of technical analysis also occurred in the markets. In spot gold, the 50-day moving average is at 4,438 dollars, while the 200-day moving average is at 4,477 dollars.

Analysts describe the short-term 50-day average falling below the long-term 200-day average as a "death cross" in technical analysis.

OIL PRICES COULD BE A NEW RISK FACTOR

Bart Melek, Global Head of Commodity Strategy and Managing Director at TD Securities, said that one of the most important short-term risks for the gold market is a possible rise in oil prices.

Melek stated that Brent crude oil returning to the 90-110 dollar band could increase inflation expectations, which in turn could cause central banks to maintain tight monetary policies for a longer period.