Post-election update: Dollar and gold’s current status
Despite political shifts, the dollar maintains stability, while gold soars to unprecedented levels following local elections in Türkiye
Türkiye concluded its local elections yesterday. The ruling Justice and Development Party (AK Party) failed to secure the desired outcome, while the main opposition party, CHP, emerged as the leading party. Post-election, the focus shifted to the state of the dollar and gold.
Post-election dollar and euro rates
The dollar, which closed last week at ₺32.39, did not show an upward trend at the start of the new week. In the Istanbul free market, the dollar began the week at ₺32.4260, while the euro stood at ₺34.9760.
At the free market, the dollar is being bought at ₺32.4240 and sold at ₺32.4260. The selling price of the euro, bought at ₺34.9740, is set at ₺34.9760.
Gold hits record high after election
The price of gold surged at the beginning of the week. On Friday, a gram of gold closed at ₺2,327. By the start of this week, the price had risen by over ₺30 to a new all-time high of ₺2,358.
How did stock exchange start the day?
At Borsa Istanbul, the BIST 100 index began the week with a 1.01% increase after the Local Administration General Elections, starting at 9,234.48 points.
At the opening, the BIST 100 index rose by 92.08 points and 1.01% compared to the previous closing, reaching 9,234.48 points. The banking index increased by 1.72% and the holding index by 2.04%. Among the sector indices, securities investment trust gained the most with 3.62%, while mining lost the most with 0.91%.
On Friday, Borsa Istanbul followed an upward trend, closing the day with a 0.69% gain at 9,142.60 points.
While the global markets remain in a holiday mood, this week’s attention is turned to a heavy data agenda, particularly the employment report in the U.S.
Analysts noted that technically, the resistance levels for the index contract are at 9,300 and 9,400 points, with 9,200 and 9,100 being highlighted as support levels.
Source: Newsroom
