Gold Near 7‑Week Peak as Closed‑Market Opens Up 2%

Gold prices are edging toward a seven‑week high while Turkey’s closed market opened with a 2% jump.

The Road to a Seven‑Week Gold Apex

■A 7‑week upward trend mirrors rising global inflation expectations.

■Prices hovering around $1,950/oz are breaching historic resistance levels.

■The USD/TRY exchange rate’s 3% rise is steering local investors toward gold.

Closed‑Market’s Unusual Opening

■Borsa Istanbul kicked off with a 2% gain, the strongest opening in the past 12 months.

■Sectoral spread: Financials +3%, Energy +1%, Construction +0.5%.

■Foreign inflows bolstered the market with a net €200 million injection.

Strategic Moves by Market Participants

■Banks reported a 15% surge in gold‑backed loan applications.

■ETF managers added 8% to gold fund holdings.

■The Central Bank maintains the policy rate at 0.25%, supporting liquidity.

Markets view the short‑term rally in gold as a hedge, yet long‑term sustainability hinges on macro risks such as inflation and geopolitical tensions. While tightening KOBİ credit and slower commercial loan growth constrain sectoral liquidity, the shift toward safe‑haven assets like gold helps balance investors’ risk appetite.