Metals Market Expert Mehmet Ali Yıldırımtürk Has Predicted That the Price of Gold Per Ounce Could Reach $6,000 by the End of the Year

Speaking on the Economy Desk program broadcast on the How an Economy TV YouTube channel, Yıldırımtürk highlighted global uncertainties and domestic liquidity constraints while offering investors a critical timeline. Yıldırımtürk noted that gold per ounce, which rose to $5,600 at the start of the year due to developments originating in Venezuela, later saw some decline as cash was needed during war periods. However, with the U.S. Federal Reserve (Fed) reducing its interest rate hike pressure and the possibility of rate cuts emerging, prices have begun trending upward again.

He also emphasized that falling oil prices have supported this recovery in gold prices. The expert stated that the main factor driving gold prices up is the dollar beginning to lose its status as an international reserve currency. He pointed out that central banks in countries such as China, Poland, and Kazakhstan have been continuously purchasing gold.

Additionally, he noted that upcoming U.S. Senate elections and associated political uncertainties have increased demand for safe-haven assets in the market. Yıldırımtürk said Turkey's domestic market is experiencing serious liquidity tightness, which has also affected the Grand Bazaar. Despite it being wedding season, citizens are turning to selling gold to meet their cash needs.

He reported that gram gold is approaching 6,750 Turkish liras and quarter gold is nearing 11,000 liras. He explained that operations against some refineries and production restrictions have temporarily disrupted the price balance between domestic and foreign markets. Yıldırımtürk said Turkey's annual gold demand is around 300 tons, yet the applied import quota remains at 150 tons, increasing price differences and calling for the quota to be lifted.

Forecasting that September and October will be quite active for all investment instruments, Yıldırımtürk shared his prediction that gold per ounce could reach between $5,600 and $6,000 by year-end. He stated that investors who cannot find high returns in foreign exchange will continue their interest in gold.