Financial analyst Islam Memiş warned about the fluctuating gold and money markets after July 16 following the CPI and PPI data from the US last week.
Memiş said, “The inflation data in the US was very important. The CPI and PPI data caused pricing in global markets, on the gold and silver side. We will look for clues about when the Fed may start interest rate cuts. This expectation will probably be met in the last quarter of the year. Inflation below expectations was announced, the possibility of a Fed cut was priced in. We saw an increase of up to $2416 per ounce of gold. The US PPI data was also announced. There were areas that were violated, but this pullback did not happen. I had said that if it can stay above 2400, we can see an ounce of gold in July in the range of 2400-2450. We saw sales of up to 1 percent in gold after the PPI data. It hit $2396. Here, we will follow the range of $2350-2400 again.”
Memiş made the following prediction about gram gold…