Week Overview 13-17 January 2025;

Last week was quite active for the precious metals market. Especially the data coming from the USA caused some confusion again. We will be monitoring in the coming period whether the announcement of the Services Purchasing Managers Price Index figures from the USA last Monday as 56.8, while the expectations were 58.5, will be a signal of a slowdown in economic activity.

On the other hand, when we examine the employment market of the USA; Job Opportunities and Personnel Turnover Rate (Jolts) was announced as 8.098 Million, while expectations were 7.730 Million. Applications for Unemployment Rights were announced as 201K, while 214K was expected. On the last trading day of the week, Non-Farm Employment was announced as 256K, while the expectations were 164K, and the Unemployment Rate was announced as 4.1%, while the expectations were 4.2%, showing that the US employment market was especially strong.

 Such a strong stance in employment strengthened the Dollar in the market again, and the Dollar Index was tested above 110.00 levels, while the demand for gold, which is a safe haven, increased again due to uncertainties. The arrival of Donald Trump, who will take office as the US President on January 20, promises to be particularly eventful.

This week, we will be waiting for critical data again. We will keep an eye on the data coming from the USA again! This week, the critical Producer Price Index, Consumer Price Index from the USA and the Gross Domestic Product figures from China will be the main focus of precious metals! In particular, inflation expectations in the USA were around 2.90%, while it was announced as 2.70% in the previous month. Inflation figures on the US side will be announced on Wednesday, and if a movement in inflation is below expectations, the demand for precious metals may increase again. 

DAY	HOUR	FOREIGN CURRENCY	EVENT	EXPECTATION	FORMER
MONDAY	10:00	TRY	Türkiye Retail Sales (Monthly) (Nov)	-	0,2%
	14:00	CNY	New Loans (Search)	890,0B	580,0B
TUESDAY	10:30	CHF	Producer Price Index (PPI) (Monthly)	-	-0,6%
	10:35	EUR	ECB‘s Lane Will Speech	-	-
	13:00	EUR	Germany ZEW Economic Sentiment	-	15,7
	16:30	USD	Core Producer Price Index (PPI) (Monthly) (Dec)	0,2%	0,2%
	16:30	USD	Producer Price Index (PPI) (Monthly) (Dec)	0,4%	0,4%
	23:00	USD	Speech by FOMC Member Williams	-	-
WEDNESDAY	10:00	GBP	Consumer Price Index (CPI) (Annual) (Dec)	2,6%	2,6%
	11:00	EUR	Speech by De Guindos from the ECB	-	-
	16:30	USD	Core Consumer Price Index (CPI) (Monthly) (Dec)	0,2%	0,3%
	16:30	USD	Consumer Price Index (CPI) (Annual) (Dec)	2,9%	2,7%
	16:30	USD	Consumer Price Index (CPI) (Monthly) (Dec)	0,3%	0,3%
	18:00	USD	Speech by FOMC Member Kashkari	-	-
	18:30	USD	Energy Information Administration Crude Oil Stocks	-	-0,959M
	19:00	USD	Speech by FOMC Member Williams	-	-
THURSDAY	03:30	AUD	Unemployment Rate (Dec)	-	3,9%
	10:00	GBP	GDP (Month) (Nov)	0,2%	-0,1%
	10:00	GBP	Industrial Production (Month) (Nov)	-	-0,6%
	10:00	EUR	Germany Consumer Price Index (CPI) (Annual) (Dec)	2,6%	2,6%
	10:00	EUR	Germany Consumer Price Index (CPI) (Monthly) (Dec)	0,4%	0,4%
	16:30	USD	Core Retail Sales (Monthly) (Dec)	0,5%	0,2%
	16:30	USD	Applications for Unemployment Rights	210K	201K
	16:30	USD	Philadelphia Fed Manufacturing Index (Jan)	-7,0	-10,9
	16:30	USD	Retail Sales (Monthly) (Dec)	0,6%	0,7%
FRIDAY	05:00	CNY	China Gross Domestic Product (GDP) (Annual) (4th Quarter)	5,0%	4,6%
	05:00	USD	China Industrial Production (Annual) (Dec)	5,4%	5,4%
	13:00	EUR	Consumer Price Index (CPI) (Annual) (Dec)	2,4%	2,4%

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