Gold Price Forecasts in Turkey Revised Lower
Gold Price Forecasts Revised Lower: 10,000 TL per Gram No Longer Expected
Expectations for gold prices in Turkey have been revised downward. According to Associate Professor Filiz Eryılmaz, previous forecasts suggesting that gold could reach 10,000 Turkish lira per gram by the end of the year are no longer considered realistic.
Current projections indicate lower price targets for both international and domestic gold markets by year-end.
Updated Gold Price Forecast
Even under an optimistic scenario, Filiz Eryılmaz expects the following prices by the end of the year:
- International gold price: 4,600–4,800 US dollars per ounce.
- Gold in Turkey: 7,500–8,000 Turkish lira per gram.
Why Are Gold Expectations Changing?
According to the analyst, geopolitical developments remain the primary factor influencing precious metals, while oil prices continue to play a crucial role.
Higher oil prices increase production costs and inflation, making it more difficult for central banks to reduce interest rates.
Persistently high interest rates typically reduce the attractiveness of gold, as investors shift toward interest-bearing assets and the US dollar.
Factors Putting Pressure on Gold Prices
Several market developments are contributing to weaker gold prices:
- Breakdown below important technical support levels.
- Growing demand for the US dollar as a safe-haven asset.
- Investors selling gold to increase cash holdings.
- Negative market sentiment and psychological pressure.
Key Price Levels to Watch
Analysts are closely monitoring two important support levels:
- 5,970 Turkish lira per gram for the Turkish market.
- 3,950 US dollars per ounce on global markets.
If gold prices fall below these levels and remain there, selling pressure could increase further.
Filiz Eryılmaz also expects both the Central Bank of the Republic of Türkiye and the US Federal Reserve to keep interest rates unchanged at their upcoming meetings, a factor that could continue to weigh on gold prices in the short term.
While long-term demand for gold remains strong, analysts believe investors should closely monitor central bank decisions, inflation trends, and geopolitical developments in the coming months.
