Sharp drop in gram gold

Signs of easing trade tensions between the US and China in global markets have caused a significant drop in gold prices. These developments led investors to turn to profit-taking, further accelerating the decline. Following this sharp drop, Citigroup withdrew its "overweight" recommendation, stating concerns that positions had become overextended. Charlie Massy-Collier, one of the bank's strategists, predicted that gold could fall to around 4 thousand dollars in the coming weeks.

After hitting a record high of 4 thousand 381 dollars yesterday, ounce gold fell by 8.4 percent to as low as 4 thousand 4 dollars. This situation caused investors to lose 372 dollars. As of this morning, ounce gold is trading at the 4 thousand 140 dollar level.

THE SITUATION IN GRAM GOLD

Gram gold was also affected by the decline in ounce gold, experiencing significant losses. According to official data, gram gold, which rose to 5 thousand 898 lira yesterday, fell to 5 thousand 401 lira. As of this morning, gram gold is trading at 5 thousand 587 lira. In the Grand Bazaar, gram gold is being sold at 6 thousand 99 lira.

The statements contained in this news report are not investment advice.

News Source: 12punto