The Ounce of Gold Started December With Increase
The Ounce Gold Started December With Increase – Gold prices fell to the lowest level in the last 4 months. Among the most important reasons for this, there is the news flow regarding the announcement that the vaccines that are being studied have 90% effect and that permission will be requested to be used this month.
The fact that there was no blue wave in the elections in the USA, the markets priced the election results positively and the vaccine news that came after this increased the appetite in the global risk. With these developments, gold, which completed the last days of November with the strongest decline, on a monthly basis. After the record in August, it continued to decrease in the 4th month.
The respiration that occurred with profit sales in the world stock markets also provided some recovery for gold, which suffered a sharp decline. The ounce of gold, which dropped to $ 1,764 the previous day, rose to $ 1,810 today, gaining 1.7%. It should gradually stay above the $ 1,850 level for continued purchases from the lower low.
Gram gold fell to 440 TL throughout the country with the decrease in both dollar and ounce rate. Today, after the USD / TRY rate increased to 7.9165 at the beginning of the day, it was processed from 7.84, while the price exceeded 456 TL with the movement in an ounce. 458 TL, which is a premium of over 3% on a daily basis, is observed as the closest resistance. Last week’s pivot level of 466 TL plays an important resistance role for the movement regarding buying.
With the flat course after the November rally, there is a calm pricing in global markets today, and this calmness allows the gold, which has fallen sharply, to recover a little. However, in order to maintain the increase in ounce, global inflation, pandemic process, and related policies will continue to be the determining factors.