While leaving the critical week behind; with geopolitical developments, precious metals started moving into the week. Iran launched a missile attack on Israel on October 1. The Tel Aviv administration said Iran would respond to the attack. As we enter the weekend, Iran announced that Israel has targeted some military points in Tehran, Khuzistan and the Islamic provinces, successfully responding to the attacks by air defense systems, but at some points "limited damage. Iranian leader Hamaney said in a statement regarding Israel's attack on Iran, "They made a mistake two nights ago, of course they exaggerate. It's wrong to make it bigger, but it's wrong to shrink it" he said. Hamaney stated that the authorities should apply the best method in this regard, and this time, as in the previous attacks of Israel, the lack of direct retaliation, caused the seller to start the week especially in precious mines! That is; the reduction of geopolitical risks can cause profit sales in precious metals.
On the other hand, on the economic data side, we will be in a very volatile process this week. It would be especially useful to directly follow the growth, inflation and employment reports that the FED cares more about when making the interest rate discount decision. Within 3 important baseline data for this week; On Tuesday, the U. S. Job Opportunities and Personnel Exchange Rate, ADP Non-Farm Employment on Wednesday, Gross Domestic Productions 3rd Quarter figures, Core Personal Consumption Expenses Price Index on Thursday, We will be tracking Applications for Unemployment Rights and Data on Non-African Employment, Unemployment rate and Average Hourly Earnings on the last trading day of the week! Part to be considered especially in data economies; under what conditions the Fed will have the answer to the question of which it can make more interest rate cuts! The answer to the question is essentially if the probability of contraction in the American economy increases, that is, if a figure below expectations is announced in the growth figures, if there are hard declines in inflation, that is, in the case of downward pressure on PCE prices and of course there is a problem in the employment market, that is, if the unemployment rate increases or if the Non-Farm employment data falls below the expectations, then the Fed rate is more it can download too much. If the Fed reduces interest more than expected, demand in precious metals will increase even more.
Technical summary; the price below $2747, which closed last week with $2734 levels started the week as <TAG1>2734 with gaps.
On the silver side of the ounce the situation is almost the same, silver prices that close the week with $33.72 started the new week with $33.43. In particular, the reduction of geopolitical risks played a major role in pricing.
But the uncertainty of next week's American elections is still driving demand for precious metals. With prices coming from more data economies, we will be observing quite high volatility this week.
Especially due to the import quota, the increase in domestic demand continues to lead to price differences. At the beginning of the week, the difference between the global markets on an ounce basis and the Turkish market started around $105.
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