New record under gram

Gold maintained its gains as negative US data raised concerns about an economic contraction, while gram gold broke a record at 1,173 TL. Gold maintained its 6 percent gain this year as negative US data raised concerns about an economic contraction in the world's largest economy. Gold tested $1,940 per ounce in the spot market. According to the calculation made on the ounce of gold and the Dollar/TL exchange rate, a record level of 1,173 TL was also broken on the gram gold side. Weak retail sales data, weak corporate earnings and layoffs last week increased fears of a recession, reinforcing expectations that the Fed may slow the pace of aggressive monetary tightening at its monetary policy meeting next week. Data to be released this week, including US purchasing managers' indexes and the Fed's preferred inflation data, will be examined for further signs that the economy is starting to weaken under high interest rates.