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Gold fell, the consumer was put on hold

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Tuğba Öztürk / NTV.COM.TR

Depending on the drop in prices of the ounce abroad and the drop in domestic exchange rates gold gram It fell from the peak of 540 lire on November 6 to 407 lire on Friday, February 5, and then stabilized in the range of 410-420 lire.

It is seen that the 25 percent decrease in the prices of grams of gold has not yet had an effect on consumer demand. Consumers prefer to wait a little longer rather than buy at low prices.

EXPECTED EXPECTATION TO INCREASE EXCHANGE, DEMAND FOR GOLD STOPPED

President of the Mustafa Kamar Jewelry Exporters AssociationHe said that it is necessary to divide the gold sector in two.

He claimed that the first one is sarrafiye, which includes gold ingots or gold gram, and the other is jewelry and jewelry that includes accessories such as rings and earrings. Kamar said: “Currently, the demand for the gram of gold, that is, sarrafiye, is stagnant, because the hopes of those who think that the currencies will increase ended with the invention of the vaccine. The jewels did not have a good January.” continues its course. We estimate that this situation will continue until April ”.

Under demand, the most important factor that affects indicates the balanced course of a Kamar price, “a standard trend of gold trading is affecting, it gives direction to the buyer’s purchase. The price of gold in Turkey dollar / TL connected, which affects much of the state gold prices experienced there. However, it seems that the weak course of the dollar will continue for a long time. Therefore, this situation will also affect the price of gold. If there is no unusual development in the world, we anticipate that the ounce of gold will rise too high. ” I speak.

THE EFFECTS OF THE SPROUT CONTINUE IN EXPORT

Assessing the latest export situation, Kamar noted that the effects of the epidemic are still continuing.

Main stating that the export items that Kamar gold bullion, “continues to decline in jewelry jewelry exports. The day of the start of the pandemic in the 50 percent decline in jewelry jewelry exports since then. In other words, while 100 tons of gold are processed each year in Turkey there are currently 55 tons of gold. Therefore, this indicates that many small traders and workshops are inactive. ” said.

THE CONSUMER IS WAITING

Mustafa Atayık, President of the Istanbul Chamber of Jewelers made similar statements regarding the demand for gold. Atayık said: “Since it is a pandemic period, there is not much demand or sale,” and drew attention to the fact that a waiting state occurred with the decline in the price of gold. Atayık, “There are not many who buy or sell gold. Citizens are waiting to see if gold will continue to fall.” said.

Valentine’s DayStating that they expect an increase in demand, Atayık pointed out that the arrangement for florists should also be made for jewelers. Atayık said: “We sent an application to the Interior Ministry for Valentine’s Day. We want the section made for florists to also be for jewelers.

Jewelers work a lot on special occasions like New Years Day and Valentine’s Day. Our people usually leave the gift for the last day. Our jewelers have been doing pretty bad lately. We can’t do much work. There are no weddings and we couldn’t make a lot of sales on New Years Eve. We have an expectation for Valentine’s Day. We demand hope for jewelers, ”he said.

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NO SITUATION LIKE AUGUST

Gold and Money Markets Expert Mehmet Ali YıldırımtürK also stated that there is not a gold purchase as fast as in August and that they saw a 10-20 percent decrease in demand.

Yıldırımtürk said that the dollar / TL was at 8.57 levels in the period when the gram of gold rose to 540 lira, “There is a 100-120 dollar drop in the price of an ounce of gold. The dollar also fell from 8.57 at 7.10. Optimism continues in the domestic market, confidence in the market. If verbal interventions continue, there is a possibility that the dollar will fall to 7 liras, “he said.

the central bank Yıldırımtürk stated that after the change of president a positive atmosphere was created in the markets, and said that the pandemic is a major factor that will affect this course. Yıldırımtürk said: “If there is a weakening in the pandemic and a recovery in the economy, then there may be a reverse dollarization in the currency,” Yıldırımtürk said:

“The second factor that is important here is the breaking of the expectation of an increase in inflation. If citizens believe that inflation will decrease, there may be a currency withdrawal. This situation affects the price of gold in the domestic market.

Yıldırımtürk stated that a recovery could be seen next month regarding gold prices abroad. Yıldırımtürk pointed out that an ounce of gold can reach 2150-2200 dollars in the third quarter, he said: “In this case, we can say that the price of gold in the domestic market, which is currently 418-420 TL, will move towards 475-500 TL. “He said.

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