Turkish Investors Turn to Gold as Safe Haven
Published: Wednesday, 24 April 2024 20:00 | 
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| In response to escalating Middle East tensions, Turkish investors like Faruk Mutlu are increasingly turning to gold as a safe investment. At a bustling jewelry store in Istanbul, Mutlu exchanged his savings for gold, citing its enduring value. The recent geopolitical instability, particularly the conflict between Israel and Iran, has fueled speculation about rising gold prices, spurring a rush to buy. This surge in demand is evident in Istanbul’s Kuyumcukent, the heart of Türkiye’s jewelry industry, where long lines at gold shops have become a common sight. Riza Gokay Tugsavrol, owner of Harem Gold, notes that in times of uncertainty, gold’s reputation as a secure asset makes it even more appealing to investors.
Gold Prices Plunge as Middle East Tensions Ease and Fed Maintains Higher Rates
Published: Tuesday, 23 April 2024 20:00 | |
| Gold prices continued to fall following the biggest single-day slump in nearly two years, influenced by easing Middle East tensions and indications that the Federal Reserve might maintain higher interest rates for longer. After reaching record levels earlier this month, gold dipped below $2,300 an ounce, dropping 2.7% on Monday. This decline was driven by reduced geopolitical risk as Iran downplayed the significance of recent Israeli strikes, suggesting there might be no further escalation. Richard Grace, a senior currency analyst at ITC Markets, noted that the fall could also be attributed to some tactical short-selling amid the recent surge in gold prices.
U.S. Oil Falls as Fears of Iran-Israel Conflict Recede, Trading Below $81
Published: Tuesday, 23 April 2024 20:00 | |
| U.S. crude oil prices dropped below $81 per barrel, a dip not seen since March, signaling the market's limited concern over potential new sanctions on Iranian oil. The West Texas Intermediate (WTI) crude has fallen beneath its 50-day moving average for the first time in several months, down from the year's high of $87.62. This decrease in price reflects the easing of geopolitical tensions as Iran and Israel move away from the prospect of a broader conflict, despite the recent exchange of strikes.
Historic $72 Million Coin Auction Set a Century After Magnate's Will
Published: Tuesday, 23 April 2024 20:00 | |
| The heirs of Danish businessman Lars Emil Bruun are set to sell a rare coin collection valued at US$72 million, a century after its initial inheritance due to the stipulations of Bruun's will. Despite attempts to contest the will, the collection of 20,000 pieces was preserved intact as per Bruun's wishes. The sale, to be conducted over several years by Stack’s Bowers, an auction house specializing in coins, is scheduled to begin this fall. The revelation of this vast and untouched collection has astonished numismatic experts, including Vicken Yegparian of Stack's Bowers.
Gold Futures Fall as Easing Geopolitical Strains Diminish Safe-Haven Appeal
Published: Tuesday, 23 April 2024 20:00 | |
| Gold futures saw a notable decline to their lowest value since early April, with June contracts on the New York Mercantile Exchange dropping 1.4% to $2,313.5 per troy ounce. This drop reflects eased tensions in the Middle East, diminishing the metal's appeal as a safe haven. From an all-time high of $2,448.8 on April 12, gold has retreated by 2.9% over the past week but is still up 12.5% over three months. Ole Hansen of Saxo Bank regards this downturn as a healthy correction that could test the market's confidence in gold's upward momentum, suggesting the upcoming price movements will reveal the true demand for gold amidst potential sell-offs by hedge funds.