Gold Prices May Rise to $5,000 by Year-End, Analyst Predicts
Financial analyst Islam Memis has shared his expectations for gold prices in light of the recent decline following strong US non-farm payroll data. According to Memis, spot gold has fallen by about 2% but has since recovered some losses due to statements from US President Donald Trump directed at the Fed.
The main factors determining the direction of the gold market are now US inflation data and the interest rate decision to be taken by the Fed in September. During this time, gold prices will likely remain within a waiting phase within their current band range.
Memis predicts that spot gold could reach $5,000 by year-end, while gram gold is expected to move between 6,800-7,200 Turkish Lira in the short term. He notes that investors have been selling their gold holdings to buy houses and cars, but this trend may not last.