Friday, July 12, 2024

The Turkish lira fell 2.5% due to fears of continued inflation


The Turkish lira rose about 2.5 percent yesterday, rising amid fears of rising inflation due to unusual policies aimed at boosting exports and growth.
According to Reuters, the lira was trading at 13.62 against the dollar in yesterday’s trade, at 13.2890 at the close of the previous day. Turkey’s currency was up about 4.7 percent at 13.15 yesterday afternoon.
The lira lost 44 percent of its value against the dollar last year.
In addition, earnings of US Treasury bonds and gold prices fell somewhat yesterday, offsetting some of its earlier losses, but the precious metal approached its highest level in a week recorded in the previous session as the dollar continued its decline. .
Gold traded 0.1 percent lower at $ 1823.24 an ounce on spot trading.
Also on the US futures market, gold fell 0.3 percent to $ 1822.20.
In the previous session, the price of gold rose to $ 1827.92, its highest level since January 5th (January).
Yesterday’s data showed that US consumer prices rose in December and annual inflation rose to its highest level in almost four decades, raising expectations that the Federal Reserve will raise interest rates earlier this year, perhaps in March.
Gold is an inflation hedge, but the metal is more sensitive to rising US interest rates, which increases the potential cost of holding non-yielding gold.
In other precious metals markets, silver rose 0.2 percent to $ 23.15 an ounce, platinum down 0.3 percent to $ 974.49 an ounce and palladium $ 1910.60.

See also  Turkish central bank publishes interest rate decision, talks about the future through
Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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