Gold prices are at the lowest level of four weeks – Cyprus Newspaper
Gold prices gathered at the lowest level of about four weeks, which increased concerns about the global trade war between the US and important trade partners increased the appetite of investors to safe port assets.
Spot gold increased by 0.57 percent to 2 thousand 999 dollars per ounce. The gold bullion had seen its lowest level since March 13 with $ 2,972 on Monday.
While US President Donald Trump increased customs tax threats to China on Monday, the European Union announced its plans for retaliation taxes and deepened a long -term trading war fears that could lead the global economy to recession.
« The climbing of the trade war can trigger a global recession, which increases the demand for a safe port, despite its decline in previous sessions, Gold should still continue its strong and rise tendency, » said Jigar Trivedi, senior analyst of Reliance Securities.
Analysts point to 2 thousand 950 dollars as support level. If the correction continues, the decline may continue to 2 thousand 831 dollars. In the upward movements, the resistance is in 3 thousand 49 dollars.
The markets will closely follow the minutes of the latest policy meeting of the US Central Bank, which will be announced on Wednesday.
Gram Gold: 3 thousand 661 TL
Quarter gold: 6 thousand 190 TL
Republic Gold: 24 thousand 620 TL
Ounce gold: 2 thousand 999 dollars
Half Gold: 12 thousand 357 TL
Full Gold: 24 thousand 673 TL
