Spot gold prices jumped on Thursday to a new record high above $2,230 per ounce, driven by statements from the US Federal Reserve about an imminent cut in interest rates.

On Wednesday, US Federal Reserve Chairman Jerome Powell said that the Open Market Committee team believes that it will lower interest rates on three occasions later this year.

He stated that lowering interest rates would remain strongly on the table despite the rise in the consumer price index in February to 3.2 percent, up from 3.1 percent in the previous January.

By 08:22 (GMT), spot gold contract prices rose by 1.1 percent, or $31, to $2,230.5 per ounce.

Wall Street analysts expect gold prices to break the $2,300 per ounce barrier later this year due to increased demand, especially from central banks.

At yesterday’s meeting, the Federal Reserve’s Open Market Committee kept interest rates unchanged at a range of 5.25 percent – 5.5 percent and maintained expectations of reducing borrowing costs three times this year.

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The total reserve of the Turkish Central Bank increased by $3.656 billion in the first week of December, reaching $140.1 billion, the highest level ever.

According to Turkish Central Bank data on Thursday, the bank’s total foreign exchange reserves increased by $2.236 billion in the aforementioned period to reach $93.233 billion.

The total gold reserves increased by one billion and 420 million dollars to 46 billion and 916 million dollars.

The increase in total reserves since the end of last May amounted to 41 billion and 691 million dollars, reaching the highest level ever at 140 billion and 149 million dollars.

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Turkish Trade Minister Omar Polat said that his country’s exports last July reached a historical level of $20 billion and $93 million.

Polat said in a press statement Thursday that Turkish exports in July rose by 8.4 percent compared to July last year.

He stated that his country’s exports from January to July amounted to 143 billion and 435 million dollars.

He pointed out that the share of exports of medium and high-tech products increased from 37 percent last year to 41 percent in 2023.

As for imports, they amounted to 217 billion and 52 million dollars since the beginning of the year until last July, indicating that one of the most important reasons for this increase is the increase in imports of untreated gold.

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The reserves of the Central Bank of Turkey increased by two billion and 645 million dollars in the week ending on July 14, compared to its predecessor, to reach 113 billion and 62 million dollars.

On Thursday, the central bank published its weekly money and banking statistics.

According to the data, the total foreign exchange reserves of the Central Bank increased until July 14 by one billion and 545 million dollars to reach 71 billion and 381 million dollars, as the total foreign exchange reserves were 69 billion and 836 million dollars on the 7th of the same month.

In the aforementioned period, gold reserves increased by one billion and 101 million dollars from 40 billion and 580 million dollars to 41 billion and 681 million dollars.

Thus, the total reserves of the Central Bank rose from 110 billion and 416 million dollars to 113 billion and 62 million dollars in the week ending July 14, an increase of two billion and 645 million dollars over the previous week.

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Spot gold prices held steady at the beginning of weekly trading on Monday, despite the official announcement of an initial agreement to end the debt ceiling crisis in the United States.

And at dawn Sunday, US President Joe Biden and House Speaker Kevin McCarthy reached a preliminary agreement to end the US debt ceiling crisis that has been going on for more than two months.

“The negotiating teams will put the final touches on the legislative text, and the agreement will go to the country’s House of Representatives and Senate,” the White House said in a statement on Sunday.

In early trading today, spot gold prices rose by 0.15 percent, or two dollars, to $1,947 an ounce, compared to the closing of Friday’s session.

Despite reaching an agreement to end the debt ceiling crisis that would lead to a decline in risks, which is a suitable environment for the rise of gold prices, the yellow metal still benefits from high global demand, especially from China.

Likewise, gold prices benefit from analysts’ estimates indicating a rise in its prices during the current year above $2,100 an ounce, with the possibility of the end of the monetary tightening cycle by the US Federal Reserve.

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Spot gold prices jumped in trading on Wednesday to 2027 dollars an ounce, approaching the peak of its historical prices, which it achieved in the year 2020, by 2073 dollars.

The rise comes amid increased demand for the yellow metal by investors who have reassessed the risks associated with the banking crisis and high inflation rates.

And Tuesday, US data showed that the labor market in the United States is witnessing a significant slowdown, which portends the possibility of a moderate recession and the suspension of interest rate increases.

Later today, the ADP Non-Farm Payrolls report is the Fed’s favorite measure of new payrolls.

In the middle of today’s session, Wednesday, the spot price of gold rose by 0.50 percent, or $ 20, to $ 2027 an ounce.

The highest historical price of gold was recorded during the year 2020, when the price of an ounce reached $ 2073, according to historical data for the yellow metal.

Gold is a store of value and is used as a hedge against inflation and a safe haven in times of geopolitical crises and economic and financial turmoil.

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The World Gold Council said that the demand for gold increased by 18 percent in 2022 to 4,741 tons, amid increased demand for safe havens due to the repercussions of the Russian-Ukrainian war.

The Gold Council added in its annual report, Tuesday, that last year witnessed the strongest year for gold demand in more than a decade, or about 11 years, with the support of huge central bank purchases to enhance their cash reserves.

According to the report, this improvement came along with active buying by retail investors and slowing outflows from ETFs.

Central bank purchases increased by 152 percent to 1,135 tons last year, compared to 450.1 tons in the previous year.

On the other hand, jewelry consumption decreased by 2 percent in 2022 to 2,189 tons, while the technology sector’s demand for gold decreased by 7 percent, to 308.5 tons.

Global demand for gold bars and coins increased by 2 percent to 1,217 tons.

While holdings of gold ETFs decreased by 110 tons, this is less than 189 tons in 2021.

The total annual supply of gold increased by 2 percent in 2022 to 4,755 tons.

Mine production rose to a four-year high of 3,612 tons.

The unprecedented repercussions of the Russian-Ukrainian war that broke out in February 2022 reinforced the demand for safe havens for investment amid widespread economic turmoil and fluctuations in the prices of national currencies around the world.

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Gold and silver cups designed by Turkish Sabri Demirci, one of the main goldsmiths in the covered market (Grand Bazaar) in Istanbul, on the occasion of Qatar’s hosting of the 2022 FIFA World Cup, received great admiration for the beauty of its design and the quality of its manufacture.

Sabri Demirci, who has been crafting and designing gold and silver jewelry for nearly 35 years, has received special design requests from jewelry collectors and famous jewelry stores in Qatar, which is hosting the World Cup.

After 5 months of work, Demirci created special jewelry through which he showed the symbols of Qatar, as well as groups of cups, each of which contained 200 grams of 18-karat gold and 4.5 kilograms of silver.

Demirci was able to deliver the first set of gold and silver cups to Qatar, while he continues to work hard to prepare new sets of cups and gold jewelry that won the admiration of his customers.

Sabri Demirci said the clients wanted the designs for the orders to “represent Qatar in the best way possible and to be original”.

He added, “A group of clients from Qatar visited me and asked me for special designs on the occasion of the FIFA World Cup matches.”

He continued, “The designs bore the official logo of Qatar for the World Cup, a soccer ball and falcon claws, in addition to a map of the State of Qatar bearing the names of the stadiums and the provinces in which the matches will be held.”

He continued: “We also used black alabaster to denote the mystical wealth owned by Qatar, and we worked hard for about 5 months to create different and original designs that reflect the nobility of the Arab Gulf state.”

Demirji pointed out that he made exceptional efforts in order to produce unique and distinctive designs commensurate with the World Cup, noting that designing such jewelry and works requires a lot of time and effort.

He said, “We have built all designs and works on the falcon, which occupies a symbolic place in Qatar, and then we have already presented the logo of the official ball of the World Cup and the symbol of infinity. The launch of the first product always requires exceptional efforts.”

The Turkish jeweler stated: “It is not always easy to meet the expectations of the other party, but in the end our designs won the admiration of the customers who were completely satisfied with them.”

Demirci explained that the Grand Bazaar in Istanbul has a special place in the world in terms of the original designs it embraces and the designers and craftsmen who work in it and always put their special touches on those designs.

He stated that he sends gold jewelry of his design and production to many parts of the world.

He said, “I started working in this market since the age of eleven. I worked in one of the famous workshops in the market and learned the handicrafts that Turkey is famous for worldwide.”

He pointed out that the Grand Bazaar in Istanbul embraces a wide range of handicrafts that have become extinct from many European countries.

He concluded by saying: “Here, gold jewelry is produced by hand. Handicrafts form a special place for us working in the Grand Bazaar, through which we work to provide customers with original and unique designs.”

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It seems that the volume of Turkish-African trade is heading to achieve a new figure during the current year, with governmental and private efforts undertaken by Ankara to enhance its commercial presence in the brown continent.

Fuad Tosyali, Chairman of the Turkish-African Business Councils, believes that the volume of bilateral trade between the two sides will exceed $30 billion by the end of this year.

Tosyali, who is also the head of the Turkish-Senegalese Business Council, looks at the importance of the Turkish openness to Africa, which was launched by President Recep Tayyip Erdogan during his visit to Senegal earlier this year.

On the occasion of the Industrial Transformation Day in Africa corresponding to November 20, Tosyali pointed out that the economic relations between Turkey and the brown continent are moving forward.

He added, “Turkish companies, which have 1,000-year-old ties with Africa, have been able to compete with major companies operating in Africa and provide services at reasonable prices and high quality.”

The developed political relations contributed greatly to the development of bilateral trade relations, as Turkey gains the confidence of partners on the continent thanks to its policies based on mutual profit.

And in line with the policy of opening up to Africa initiated by President Erdogan, Turkish companies are able to take risks and operate in areas with weak political stability, according to Tosyali.

He added, “Turkish companies have been able, during the past period, to complete large projects on the continent in a short time… and are currently playing an active role in developing Africa, providing job opportunities and exchanging experiences in various fields.”

And he added, “We have strong industrial investments in African countries. This is only the beginning. Looking at the trade relations between Turkey and the continent, we can note an increase in joint cooperation, especially in the areas of trade and investment, especially in the past ten years.”

Turkish investments in the African continent amounted to $22 million in 2001, rising to $1.6 billion in 2021.

African investments in Turkey increased by 665 percent over the past twenty years, to reach $398 million, according to the Turkish-African Business Councils Board of Directors.

Despite the development in trade relations between Turkey and Africa, the commercial activities of China, the United States and Russia still maintain their momentum in the region.

Tosyali explained that trade with the region was at the level of $15.3 billion in 2013, and that this figure rose to $29.4 billion in 2021.

Tosyali pointed out that exports to the African continent in the first nine months of this year amounted to 18.5 billion dollars, while imports amounted to 7.1 billion dollars.

He added, “Based on these data, we expect an increase in the volume of bilateral trade this year compared to last year, and that the volume of bilateral trade will exceed $30 billion.”

The iron and steel industry represents about 11 percent of Turkey’s exports to the region; According to the latest data, iron and steel exports exceeded two billion dollars.

This sector is followed by machinery, automobiles, and plastic products, respectively; The aforementioned sectors constitute 20 percent of exports to the region.

Electrical appliances, gold and steel jewelry account for 15 percent; All of the aforementioned sectors constitute 50 percent of Turkey’s exports to the African continent.

As for imports, the energy sector accounts for 13 percent of them, while iron and steel account for 10 percent of African imports to Turkey.

Tosyali pointed out that Turkish contracting companies have also implemented successful projects despite the difficulties experienced by the African continent, and that bilateral cooperation now includes various sectors, especially the fields of production, agriculture, tourism, textiles, industry, energy, food and health.

He stated that Turkey has taken important steps to establish joint business councils with Liberia and Eritrea, and that contacts are underway between Turkey and 49 out of 54 African countries to deepen cooperation in various fields.

The Chairman of the Turkish-African Business Councils said that President Erdogan’s visit to Senegal will lead to reaching the target trade volume of one billion dollars in a balanced way.

He added, “In order to advance our economic relations, we must take advantage of the available opportunities and put new mechanisms into practice. We aim to strengthen economic and trade relations by laying the foundations for strategic cooperation with Africa.”

He continued, “Senegal wants to develop its partnerships with Turkey in the fields of energy, steel production, health, the food industry, and gold processing… I believe that we will strengthen our bilateral trade and economic relations within the framework of the principle of mutual profit.”

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The quarterly report of the World Gold Council showed on Tuesday that demand for the yellow metal increased by 28 percent in the third quarter of 2022 to 1181 tons, supported by consumer purchases, and central banks increased their possession to enhance their reserve assets.

The report indicated that global demand for gold increased by 18 percent in the first nine months of the year compared to the same period in 2021, returning to pre-pandemic levels.

Global demand for jewelry rose 10 percent year-on-year in the third quarter to 523 tons, despite the deteriorating global economy.

Demand for investment in gold in the third quarter fell 47 percent on an annual basis at 124 tons, which reflects weak sentiment among some sectors of investors.

Investment in bullion and gold coins grew 36 percent to 351 tons, and this was not enough to compensate for 227 tons of outflows from ETFs, according to the report.

Central banks continued to increase their gold holdings as purchases were estimated at a quarterly rate of nearly 400 tons.

The report monitored a decrease in technology demand by 8 percent on an annual basis, amid a decline in consumer demand for electronics due to the global economic slowdown.

Total gold supply rose marginally 1 percent year-on-year to 1,215 tons, an increase for the sixth consecutive quarter.

Gold prices fell in the third quarter by 8 percent in response to the strength of the dollar and the increase in interest rates by the US Federal Reserve to curb high inflation.

Earlier, gold witnessed a great demand as one of the safe havens in times of crises and a store of value amid the escalation of the economic repercussions associated with the outbreak of the Coronavirus, followed by the Russian-Ukrainian war.

The World Gold Council is an organization working to develop the gold industry market and aims to stimulate and sustain demand for the yellow metal globally.

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