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WORST 5-WEEK CLOSURE UNDER GRAM
With the reintroduction of the Kovid-19 measures and the effect of the strengthening of the dollar in parallel with this, the price of gold in international markets lost 4.4 percent last week and closed the week at the lowest level in 2 months.
With the reintroduction of the measures taken in the field of the new type of coronavirus epidemic (Kovid-19) in global markets and the effect of the strengthening of the dollar in parallel, it lost 3.2 percent last week and made the worst closing of the last 5 weeks with 459.6 lire.
While the reintroduction of the Kovid-19 measures in some countries due to the increasing number of cases was the most important event that reduced the appetite for risk last week, the lack of a new flow of news on the treatment of the disease it also raised concerns of a new wave.
In addition, the fact that the manufacturing industry purchasing managers index (PMI) data announced around the world last week remained below expectations, leading to continued uncertainties regarding the global economy .
All these events led to the strengthening of the dollar, although last week the governor of the Federal Reserve (Fed) of the United States, Jerome Powell, urged Congress to spend more money.
