Gold, dollar prices surge to record levels amid coronavirus outbreak
The gold and dollar exchange rates in Turkey surged to record highs Feb. 24, dropping again on Feb. 25 after markets opened and traders started to sell. Dollar prices rose as high as 6.16 TL during the day, marking a new high for the last 9 months. The price of 1 ounce of gold reached $1,688, and the price of one gram of gold reached a record price of 334 TL.
Gold and dollar prices surged to record levels Feb. 24 amid the coronavirus outbreak that has shaken up global markets since its emergence in December 2019 and subsequent spread to over 30 countries.
Dollar prices started the week of Feb. 24 at 6.14 TL, rising as high as 6.16 TL during the day and marking a new peak for the last 9 months. The exchange rate had fluctuated between 6.03 and 6.12 TL the week prior.
Meanwhile, the price of gold reached a seven-year high worldwide on Feb. 24, and plunged again after a five-day incline as investors pocketed profits.
The price of 1 ounce of gold reached $1,688 and the price of one gram of gold reached a record price of 334 TL.
As Eastern markets opened on Feb. 25, traders started to sell their gold, lowering the price per ounce of the precious metal.
The deadly coronavirus outbreak has hurt global markets overall, with major stock market indices like the Dow Jones, the S&P and the Nasdaq in the U.S. and London's FTSE closing the day around 3.5% lower on Feb. 24.
Meanwhile in Italy, where the outbreak has hit the hardest in Europe, the Milan stock market took a dip of almost 6%.