While leaving the critical week behind, there was a serious rally in the precious mines. On the first trading day of the week, the critical Service Sector Purchase Index from America was announced as PMI number 55.4. The PMI figures, which are almost parallel to expectations, are a data indicating that America is not in recession.
Service Purchasing Managers Index (Global Services PMI)
On the second trading day of the week; The Conference Board Consumer Confidence Index, announced in America, is the lowest in 3 years at 98.7. The decline of consumer confidence has raised the question again whether inflation will increase in America.
On the fourth trading day of the week; in the morning, the surprise decisions of the Central Bank of China were met with enthusiasm by the markets. In response to China's recession risk, the Central Bank injected nearly 1 trillion yuan (142 billion USD) into the market. In addition to the decision, the Bank of China reduced its seven-day repo interest rate from 1.7% to 1.5. After the decision, the demand for precious metals accelerated with global exchanges. Following the Chinese central bank, a 0.25 bp interest rate cut decision was announced from the Swiss Central Bank. On the other hand, in American markets, critical Gross Domestic Product 2.Quarter figures were set at 3.00% in parallel with expectations. With the data announced, while the American economy was observed to be far from recession, the rise in precious metals was supported.
American Gross Domestic U. S. (United States GDP Growth)
On the last trading day of the week; Core Personal Consumption Expenses Price Index (PCE) figures from America were announced as 2.7% in parallel with expectations as annualized. On the other hand, the expectations in the monthly PCE figures were 0.2%, while the determination of 0.1% supported the interest rate discount possibility of the FED. Although some profit sales are observed in the precious mines towards the close of the week, the main upward trend continues to be maintained.
Core Personal Consumption Expenses Index of America (Core Personal Consumption Expenditures - Price Index)
Technical summary; when closing the week, ounce gold week started from $2621 region, towards the close of the week is priced in $30 positively premium $2651 region. On the silver side, it starts in the $31.15 region at the beginning of the week, and trades around $31.73 towards the close of the week. As of the week, there is an increase in demand from Turkey under the ounce of historical records. Especially because of the ithat quota, the ounce gold record breaks, while 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 ounce and the Turkish market starts around $40, while on the last trading day of the week, the premium amount exceeds $100's on the basis of ounce…
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