GOLD ROLLED OFF THE CLIFF AT BORSA ISTANBUL
NOV 22 – NOV 29 / 2021 https://www.goldtakas.com/en 

Last week on Monday precious metals’ route had been drawn. USA President Biden, nominated Jerome Powell as FED Chairman and markets met this decision with sales wave. The thought that this nomination, will speed up the move for interest rate hike in 2022, pressured on gold.

At Borsa Istanbul, on Monday gold reached 1862.65 usd/oz as the highest level and started to roll down radically. Gold price band was very wide as over 80 usd/oz, by recording 1780 usd/oz level as the lowest. Luckily, towards to session closing recovered itself and closed it with 1805.80 usd/oz. Weekly base lost 3% value and transaction volume even was better than previous week, was not satisfying as 5.5 MT. 

Silver was much more strong as pricing. White metal resisted to selling pressure and could remained over 23 usd/oz. So many market players turned into silver and totally over 20 MT silver was traded.

As market players trying to adapt price movements, margins are tight at Borsa Istanbul. Sellers are already accept to sell like (-) 1.5 usd/oz. LBMA Good Delivery bars are being trading at BORSA and without being member, you can be active directly at Borsa Istanbul. For information please call us +90 212 465 65 70.