The pace and trend of gold in the current year is unstable
Gold ounces rose to the highest level since April 2022 after fears of a global economic recession overcame inflation fears and the situation stabilized in recent weeks. The week closed at $1,923 after the price reached $1,937 on Friday, and the price rose today to $1,935, and the price of an ounce was traded at $1,927 in the last trading hour.
The US Federal Reserve quickly raised interest rates to lower inflation, which reached a 40-year high in 2022. In the process, risk appetite declined as the European Central Bank and other major central banks raised interest rates.
Statements from the European Central Bank president, the International Monetary Fund chief and other officials last week led to little change in market prices. Officials used optimistic statements that the data was not as bad as expected and that the operation would not go as bad as feared. However, there is a huge concern in the markets that the Russia-Ukraine war could turn into a hot topic again. For this reason, gold purchases are likely to continue in the presence of geopolitical risks regardless of the global recession.