{"id":67618,"date":"2023-08-08T15:45:50","date_gmt":"2023-08-08T12:45:50","guid":{"rendered":"https:\/\/ironfx-com-php8.wp-dev.int.theitops.net\/?p=67618"},"modified":"2025-10-13T17:17:50","modified_gmt":"2025-10-13T14:17:50","slug":"gold-updates-two-weeks-in-the-reds","status":"publish","type":"post","link":"https:\/\/www.smartchinaeducation.com\/fa\/gold-updates-two-weeks-in-the-reds\/","title":{"rendered":"Gold updates: Two weeks in the reds"},"content":{"rendered":"

\u0637\u0644\u0627<\/strong> seems to have moved in a downward<\/strong> fashion<\/strong><\/a> as we tend to maintain the view that the negative<\/strong> correlation<\/strong> of the USD<\/strong> with gold\u2019s<\/strong> price seems to be maintained<\/strong> and maybe the main factor<\/strong> behind the movement of gold\u2019s<\/strong> price<\/strong> currently. In addition, we note the possibility of \u0628\u0627\u0644\u0627<\/strong> \u0646\u0648\u0633\u0627\u0646<\/strong> in the gold<\/strong> markets<\/strong> during next week\u2019s BRICS<\/strong> summit<\/strong> which is to be hosted in South Africa<\/strong>. We note as the next big test for gold\u2019s<\/strong> price the release of the US CPI rates on Thursday<\/strong> as a possible acceleration of inflation rates may have a substantial negative impact on the precious metal\u2019s price. In this report, we aim to shed light on the catalysts driving gold\u2019s price, assess its future outlook and conclude with a technical analysis. <\/p>\n\n\n\n

China\u2019s FX Reserves<\/strong><\/h2>\n\n\n\n

China\u2019s<\/strong><\/a> gold<\/strong> reserves<\/strong> grew by approximately 23<\/strong> tons<\/strong> during July, marking 9 consecutive<\/b> months of the Chinese central bank purchasing gold. In total, the most recent purchase has now brought the total gold reserves of China to 2,137 tonnes, edging closer and closer to overtaking Russia as the world\u2019s 5th largest holder of gold reserves. Furthermore, despite rising interest rates across the world which could usually lead to reduced demand for the non-interest-bearing precious metal, the aggressive diversification of China\u2019s reserves appears to have provided<\/strong> some support<\/strong> for the precious<\/strong> bullion<\/strong> on a more macro perspective. Therefore, should China<\/strong> continue to add to its gold<\/strong> reserves we may see some support<\/strong> for the precious<\/strong> metal<\/strong> in the long run.<\/p>\n\n\n\n

Turkey Limits Gold Imports<\/strong><\/h2>\n\n\n\n

According to a report by Reuters<\/strong><\/a>, Turkey<\/strong> is planning to impose<\/strong> a quota<\/strong> on the imports<\/strong> of precious<\/strong> \u0641\u0644\u0632\u0627\u062a<\/strong> in an attempt to reduce the negative impact of the country\u2019s current account balance. Furthermore, the quota could potentially improve the country\u2019s weakening currency which is still currently printing new all-time lows on a daily basis. According to the country\u2019s Trade Ministry, imports of unprocessed gold for the first two quarters of 2023, increased by 180%. As such the quota could limit the availability of gold in the country and the extent it could be used to settle large-scale transactions<\/strong> instead of using the Turkish lira<\/strong>. Therefore, by eliminating other methods of payment, the Government<\/strong> could potentially \u201cforce<\/strong>\u201d large-scale transactions to use the Turkish<\/strong> Lira<\/strong> to a greater extent, thus potentially increasing<\/strong> demand<\/strong> for the Turkish Lira<\/strong>, which in turn could be translated<\/strong> to Turkish lira strengt<\/strong>h. However, given Turkey\u2019s minor role in the international gold market, it could be said that their actions may have little, to no impact on the overall direction of the bullion.<\/strong><\/p>\n\n\n\n

BRICS summit next week.<\/strong><\/h2>\n\n\n\n

The BRICS summit<\/strong> is due to be hosted next Tuesday<\/strong> by South Africa. \u0637\u0644\u0627<\/strong> traders may be highly interested in the meeting<\/strong>, as it had been previously reported by RT<\/strong> that the BRICS<\/strong> common<\/strong> currency<\/strong> would be discussed<\/strong> during the meeting, with the possibility<\/strong> that the common<\/strong> currency<\/strong> would be backed by gold<\/strong>. Should the markets witness a return to the gold<\/strong> standard<\/strong>, we may see a \u201cgold rush\u201d<\/strong> by Central Banks, in order to avoid being left behind. Therefore, in such an event, we may see Gold\u2019s price<\/strong> moving significantly higher<\/strong>, as it could be interpreted as the beginning<\/strong> of a wider<\/strong> detachment<\/strong> from the dollar<\/strong> and a widening<\/strong> of the de-dollarization process<\/strong>, which despite being an extreme scenario, yet there has been some willingness by Governments<\/strong> to explore alternatives<\/strong> to the dollar<\/strong> after the US<\/strong> and its allies<\/strong> removed Russia<\/strong> from the SWIFT<\/strong> network<\/strong> and practically weaponized<\/strong> the USD<\/strong>.<\/p>\n\n\n\n

\u062a\u062c\u0632\u06cc\u0647 \u0648 \u062a\u062d\u0644\u06cc\u0644 \u0641\u0646\u06cc<\/strong><\/h2>\n\n\n\n

XAUUSD H4 Chart<\/em><\/strong><\/h3>\n\n\n\n
\"\"<\/figure>\n\n\n\n