Top Gainers in Early August: Gold, Dollar and Euro Lead the Pack

In the first week of August, global markets saw gold, the dollar, and the euro deliver striking returns to investors.

Gold's Radiant Surge

Gold surged %5.2, driven by geopolitical tensions and inflation expectations, marking the week’s highest gain.

■%5.2 increase pushed the price to $1,950/oz

■Strong demand came from Middle East and European investors

■ETF inflows recorded a net +$120 million entry for the week

Dollar's Pulling Power

Ahead of the U.S. rate decision, the dollar rose %3.1, causing widespread depreciation of local currencies.

■%3.1 rise brought the rate near 1.08 TRY/USD

■Fed meeting expectations boosted risk appetite

■Short‑term Treasury yields climbed +0.25%

Euro's Resilient Rise

The euro, buoyed by regional economic recovery signals, gained %2.8, delivering a stability cue to investors.

■%2.8 increase lifted the rate to 1.12 USD/EUR

■Industrial production in Germany and France rose 0.7%

■Euro‑zone inflation reported at %4.3, below forecasts

Key Drivers of the Week

■Geopolitical risk: Rising tensions in the Middle East amplified safe‑haven demand

■Interest‑rate expectations: Fed’s potential hike signals reinforced the dollar’s ascent

■Inflation data: Lower-than‑expected euro‑zone inflation supported the euro

Hakan Çelik – Director of Fiscal Policy and Public Finance: "This week’s performance underscores a reshaping of risk appetite, with traditional safe havens like gold taking center stage. In Turkey, the volatility of exchange rates adds fresh pressure on external debt management and inflation control. Policymakers must respond to short‑term market moves without losing sight of structural reforms, which remain essential for long‑term stability."