Gold Begins The New Week Stable

As the markets turned to economic indicators, gold rose 1.9 percent last week on the back of rising demand after inflation and slow growth concerns. He started this week by maintaining his position.

Gold Begins The New Week Stable. Gold, which is seen as a safe haven against inflation, made its biggest weekly rise since the beginning of March due to rising inflation and slowing growth concerns. Gold, which increased after investors’ demand for safe assets, managed to maintain its increase, albeit limited, in the first transactions of the new week.

Spot gold gained 1.9 percent last week and tested $1,858, as global stock markets fell for the seventh week in a row, stifling demand for risky assets.

With the gloomy outlook of the S&P 500 and the weakening dollar, gold has once again assumed the role of a safe haven.

On the other hand, markets focused on the May manufacturing purchasing managers index (PMI) of major economies, which is expected to be released on Tuesday.

According to experts, the supply problems caused by the pandemic are being integrated with the inflation shock, and a clearer picture will emerge on a company basis, in addition to the PMIs.

China Covid-19 Measures

Investors are also keeping an eye on China’s Covid-19 measures. The Chinese government decided to close major cities, causing disruptions in supply chains.

Shanghai stated that it would divide the city into sections and apply restrictions according to different risk levels, while Beijing officials announced that there was an increase in cases.