Azerbaijani analysts: Gold to rise in price again

By Trend

The price of an ounce of gold on the non-ferrous metal exchanges began to rise again and reached $1,524 ($49 / gram), reads the weekly summary of the Azerbaijani InvestAZ investment company, Trend reports on March 16.

Having exceeded $1,575 ($50.6 / gram), the price of gold may rise up to $1,610 ($51.8 / gram) and even $1,650 ($53.1 / gram).

InvestAZ analysts also described the current situation in the international financial markets and made the short-term forecasts.

Euro

The Fed’s decision of reducing the percentage of accounting on the international currency exchanges up to 0.25 percent and easing the US dollar loans by the central banks of leading countries led to the weakening of the dynamics of the EUR / USD rate depreciation.

Despite the abovementioned information, forecasts remain high as the euro is still sold at the price less than $1.12 and may continue to fall in price.

British pound

The dynamics of depreciation of GBP / USD rate also slightly weakened. However, in accordance with analysis, after reaching $1.22, the depreciation of GBP / USD rate will continue.

The inflation rate and economic growth are projected to further decrease in England.

Turkish lira

The USD / TRY rate still reaches 5.68 Turkish lira and as long as it remains above this level, it is forecasted that the rate may reach 5.76.

The fundamental indicator related to the balance of foreign operations in Turkey, which will be released on March 20 at 11:00 (GMT+4), will also have a strong impact on the exchange rate.

The USD / TRY rate is traded above 6.31 Turkish lira and may grow up to 6.46 Turkish lira if the prices rise above 6.33 Turkish lira.

Oil

The price per barrel of Brent crude oil is traded at $33 per barrel on the energy exchanges and the oil is projected to continue to fall in price as long as it remains below $37.

The main factor leading to a fall in prices is the likelihood of an increase in oil supply on the world markets.