BIST 100 Slides: Gold and Forex Show Significant Moves

The BIST 100 index closed the week at 13,458.10, down %3.48 from the previous week's close. The index fluctuated between a low of 13,216.16 and a high of 14,085.39. In closed-market trading, 24-karat gold bars fell %0.50 to 6,154 TL, while gold coins dropped %0.57 to 40,263 TL. Quarter gold also declined %0.66 to 10,103 TL. The US dollar rose %0.38 to 47.5260 TL, while the euro increased %1.22 to 54.5180 TL. Investment funds lost %1.34, while retirement funds declined %1.55. Among funds, money market funds were the top performers, up %0.76.

Markets are reacting to this performance by shifting attention to the chip crisis and US monetary policy. The Fed's rate cut expectations are creating significant shifts in swap market interest rates, prompting rapid responses from HFT algorithms. Analysts view the decline in gold prices as a side effect of the strengthening US dollar.