Gold is one of the most valuable precious metals traded in the commodity markets. Found underground, gold becomes a tradable asset after undergoing a series of refining processes.
The largest gold-producing country in the world is China, followed by Australia, the United States, and Russia.
According to 2011 data, Turkey’s annual gold production is approximately 30 tons.
Gold Prices
You can perform both buy and sell transactions in the forex gold markets based on spot gold prices.
Gold is among the most actively traded instruments in the forex market.
Forex gold transactions are carried out in U.S. Dollars and based on the ounce (oz) value.
On the MetaTrader 5 trading platform, 1 lot of gold corresponds to 100 ounces (oz), which equals approximately 3.3 kilograms of gold (since 1 ounce ≈ 33 grams).
In forex markets, the symbol for gold is XAUUSD.
In Turkey, gold transactions are often conducted in Turkish Lira (TRY). However, as mentioned above, gold is traded internationally in U.S. Dollars (USD).
Therefore, the USD/TRY exchange rate directly affects the gram gold price in Turkey — movements in USD/TRY will cause corresponding changes in local gold prices.
Gold Exchange
The Gold Exchange operates under the Borsa İstanbul Precious Metals and Stones Market.
Physical gold transactions are carried out by member institutions of the exchange.
However, individual investors cannot trade directly on this exchange.
Forex Gold Buy-Sell Transactions
Due to its structure, the forex market allows for both two-way trading and leverage opportunities.
Two-way trading means that you can sell gold even if you don’t physically own it, while leverage enables you to open larger positions with smaller capital — for example, opening a 100-gram gold position with only 1 gram of capital.
However, as leverage magnifies both potential gains and risks, it should be used with caution.
After installing the trading platform, you can start trading gold as shown in the sample screen below:
In addition to gold, you can also trade other commodities such as crude oil, silver, and copper on QNB Invest.
Gold Market Commentary / Gold Price Analysis
QNB Invest publishes daily market expectations and commentaries on gold prices on its website.
In addition, clients with a live forex account receive three daily technical analysis reports covering the forex and commodity markets.
At QNB Invest, you can monitor real-time gold prices and practice trading with virtual funds through a demo account.
To get started, simply fill out the free demo account form below and click “Apply Now.”
