While leaving the critical week behind; volatility remained somewhat low compared to the rest of the month, especially in terms of data economy. We started the week with the Chinese Central Bank reducing the Credit Interest Rates from 3.15% to 3.10.
On the other hand, the figures for Second-hand housing sales on the American front were announced. The expectations were announced at around 3.88M and at a mikta drop at 3.84M. The most important data of the week was remarkable that applications for Unemployment Rights Benefit announced from the US on Thursday came under expectations, and that the US Index of Service Purchasing Managers exceeded expectations.
In particular, the announcement of PMI data on expectations was understood to be of no recession risk in the US economy, at least for now. The lack of problems in the employment market further clarified the Fed's table of interest rate cuts.
In particular, markets from the Fed are expected to cut interest rates by 0.25 bp in November and 0.25 basis points by 2024 year-end by 0.50 basis points in December. Failure to harden the interest discount expectation caused withdrawals after the new peak, especially in precious mines.
Technical summary; starting with $2722 a week, $2758 reached the gold record refreshingly, $2720, and it is priced around $2720 with some profit sales.
Silver is next week; starting at around $33.90, reaching $34.90 levels, refreshing the record of the last 10 years and selling profit towards the close of the week and pricing from $33.60 region.
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 the basis of ounces and the Turkish market started around $120. Especially in the Middle East, we can expect the current deficit to increase even more because the possibility of war will increase energy costs, in which case we can expect the quota to continue if we consider that the quota is caused by the current deficit.
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