Gold increased very strongly in the first 4 days of the week and began to decrease when the USD increased in price. In the process, the price of gold grams, which had increased by thousands of liras, fell by more than 10% in just one day and fell below the level at the beginning of the week. The loss of silver was more than 30 percent.
Global stocks fell for a second straight session on Friday, after US President Donald Trump nominated former Fed board member Kevin Warsh as central bank chairman and stronger-than-expected inflation data. During this time, the dollar increased in value.
The dollar's strength also halted the recovery in precious metals. Gold fell below $5,000 an ounce after hitting a record high of nearly $5,600 on Thursday.
On the global market, spot gold fell 9.41% to 4 thousand 887.21 dollars and ended a 3-week price increase streak. The price dropped more than 10% in just one day yesterday. Gold's rapid decline suddenly evaporated $2.5 trillion.
According to the World Gold Council (WGC), this decrease was recorded as the largest daily decrease for the gold market since April 2013.
THE STRONGEST INCREASE SINCE 1999
Despite this decline, it was still up about 14% in January, representing its strongest monthly performance since September 1999.
LOSS OF SILVER EXCEEDS 30 %
The decline in silver prices was much deeper than that of gold. The price of silver ounces, which had lost more than 30% of its value on the day, fell below a key threshold of $90. Spot silver reached 84.45 USD. The last time silver prices fell this much was in March 2020.
GOLD GRAM
Gram gold, which started at 7 thousand 531 liras yesterday, fell to 6 thousand 914 liras during the day. Gram gold was trading at 6 thousand 788 lira at 07:00.
