Gold rises after 'Black Monday': Why is gold rising?
Markets have started to rise following Black Monday. While gram gold was down at 2,571 TL, it rose today and hit 2,609 TL. So, why did gold start to rise? Economy writer Barış Soydan gave the answer to the question in a single sentence.
The "Black Monday" when the stock market fell and foreign exchange rates soared is behind us. Following the historic selling pressure in global markets, foreign exchange and gold lost value as markets showed a tendency to recover.
Domestically, gold prices had fallen, with gram gold hitting 2,571 liras.
Markets have started to rise following Black Monday. While gram gold was down at 2,571 TL, it rose today and hit 2,609 TL. So, why did gold start to rise? Economy writer Barış Soydan gave the answer to the question in a single sentence.
'ECONOMIC RECESSION IS NOT ON THE HORIZON'
Barış Soydan wrote on social media, "The number of weekly jobless claims in America fell by 17 thousand to 233 thousand. In other words, the economic recession that scared the markets is not on the horizon. With the effect of this data, world stock markets and gold are rising. (S&P 500 1.3%, ounce gold 1.2%)."
News Source: 12punto
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