Turkey’s Economic Confidence Index Highest in 5 Years

Lines of cars are pictured during a rush hour traffic jam on Guomao Bridge in Beijing. Photo: Reuters
Lines of cars are pictured during a rush hour traffic jam on Guomao Bridge in Beijing. Photo: Reuters
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Turkey’s Economic Confidence Index Highest in 5 Years

Lines of cars are pictured during a rush hour traffic jam on Guomao Bridge in Beijing. Photo: Reuters
Lines of cars are pictured during a rush hour traffic jam on Guomao Bridge in Beijing. Photo: Reuters

Turkey's economic confidence index increased by 2.5 percent to 106 points in August, its highest level since July 2012, the Turkish Statistical Institute (TurkStat) said this week.

The institute noted that monthly hikes in real, services, retail trade and construction sector confidence indexes maintained the rise in economic confidence.

Among all indexes, the construction confidence index rose the most, by 3.3 percent, to 88.3 points. While the index measuring confidence in the services sector was up 1.6 percent, reaching 105.4 points, TurkStat said.
The retail industry confidence index gained 1.1 percent, reaching 108.5 points, it added.

Meanwhile, a recent analysis by Deloitte, one of the world's largest professional services companies, said Turkey's automotive sector will continue to be the country's export champion in 2017.

The report said exports increased by 28.5 percent compared to the same period of last year as sales hit 714,000 automobiles. Meanwhile, the total export value also increased by 22.1 percent, hitting $14.5 billion.

It estimated that export income from the automotive sector this year would be around $26.5 billion.

But automobile sales in the Turkish automotive market in the first six months of this year declined by 9.6 percent compared to the same period of 2016, reaching 306,000 automobiles.

During the same period, 95,000 light commercial vehicles were sold, a 5 percent drop compared to the first six months of 2016.

As for the heavy commercial vehicle market, sales tumbled by 22.4 percent compared to the same period last year, reaching 9,500 vehicles.



Gold Steady as Market Eyes Middle East Conflict, Fed Decision

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
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Gold Steady as Market Eyes Middle East Conflict, Fed Decision

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo

Gold prices were steady on Tuesday as investors assessed the conflict between Israel and Iran and looked ahead to this week's US Federal Reserve's policy meeting.

Spot gold was steady at $3,383.01 an ounce, as of 0851 GMT US gold futures fell 0.5% to $3,401.30.

Israel and Iran exchanged attacks for a fifth consecutive day on Tuesday, Reuters reported.

US President Donald Trump urged an evacuation of Iran's capital Tehran and cut short his trip to the G7 summit in Canada. A separate report said he had asked for his administration's National Security Council to be prepared in the situation room.

"Markets are waiting for the latest signals whether hostilities between Israel and Iran would escalate or will remain contained," said Han Tan, chief market analyst at Exinity Group.

"Gold still retains its bias for lurching upwards on signs of a worsening Middle East conflict, given the precious metal's stature as the preferred safe haven of late."

Zero-yield bullion is considered a hedge against geopolitical and economic uncertainty and tends to thrive in a low-interest environment.

The US central bank rate decision and Chair Jerome Powell's remarks are due on Wednesday. Traders are currently pricing in two cuts by the end of the year.

Meanwhile, Citi lowered its short-term and long-term price targets for gold, projecting prices could drop below $3,000 per ounce by late 2025 or early 2026, driven by declining investment demand and an improving global growth outlook, it said in a note on Monday.

Elsewhere, spot silver was up 0.3% at $36.45 per ounce, platinum was unchanged at $1,246.59, while palladium fell 0.4% to $1,025.44.