The rise in gold prices continues unabated in the new week. The gold ounce price, which started February just below 1520, continues its rise with increasing concerns about the coronavirus outbreak. Gold, which closed the week at 1640 dollars, recorded a very sharp rise at the opening of the new week and jumped up to 1680 dollars. Afterwards, the gold chart, which was met with some reaction sales, stabilized at the level of 1660-1665 dollars.
In addition to the rising gold prices in global markets, the dollar/TL exchange rate reaching 6.13 dollars is also reflected in the gold prices in the Grand Bazaar. While gold broke a record at 327 dollars per gram, quarter gold climbed above 530 dollars.
The spread of the virus has reduced oil prices
Concerns about demand caused by the spread of the coronavirus to 29 more countries outside China and causing deaths caused oil prices to drop. This morning, the barrel price of Brent oil on ICE dropped to $56.53 and is currently trading at $57.07, down $1.43 compared to Friday.
West Texas Intermediate oil also fell by $1.2 to $52.18 on NYMEX. Stating that the impact of the virus epidemic on the economy should not be underestimated, analysts evaluate that “The rapid spread of the epidemic may trigger a huge decline in business activity around the world, the world has never struggled with something like this before.”
Analysts also pointed to speculation that the disagreement between OPEC and Russia over production cuts in the decline in oil prices would lead to the end of OPEC+ cooperation. However, Saudi Arabian Energy Minister Prince Abdulaziz An Salman described media reports that OPEC+ cooperation would end as “nonsense”.
Source: https://www.dunya.com/finans/haberler/altin-yeni-haftaya-rekorla-basladi-haberi-463298
