Last week, the growth data of Germany and the USA in global markets and the speech of the Chairman of the US Federal Reserve (Fed) Powell in Jackson Hole were in the focus of the markets. Despite the negative effects of inflation and the war in Ukraine, Germany grew by 0.1% in the second quarter of the year. The US economy contracted by 0.6% on an annual basis in the second quarter of the year. In his speech at the Jackson Hole Symposium in Friday, Fed Chairman Powell said that it will take time to restore price stability, that high inflation is a result of strong demand and supply problems, and that they must use tools vigorously to keep demand and supply in balance. He said the extent of the rate hike in September will depend entirely on the data. After Powell's speech, a selling image prevails in global markets, which followed a mixed course during the week. An ounce of gold fell from $1.758 to $1.737. It started this week with a seller at the level of $1.724.
