G\u00fcm\u00fc\u015f (XAG\/USD) Pazartesi g\u00fcn\u00fc 74,10 dolar civar\u0131nda i\u015flem g\u00f6rd\u00fc; g\u00fcn i\u00e7i yakla\u015f\u0131k 72,61 dolara kadar geriledikten sonra %2,23 d\u00fc\u015ft\u00fc. Toparlanmay\u0131 denedi ancak Orta Do\u011fu\u2019da jeopolitik gerilim artarken ABD Dolar\u0131 g\u00fc\u00e7lendi\u011fi i\u00e7in bask\u0131 alt\u0131nda kald\u0131.<\/p>\n
Hafta sonu ABD\u2013\u0130ran bar\u0131\u015f g\u00f6r\u00fc\u015fmelerinin sonu\u00e7suz kalmas\u0131yla risk i\u015ftah\u0131 zay\u0131flad\u0131; b\u00f6lgede kal\u0131c\u0131 ate\u015fkes sa\u011flanamad\u0131. ABD, \u0130ran limanlar\u0131yla ba\u011flant\u0131l\u0131 deniz trafi\u011fini engellemeye y\u00f6nelik askeri \u00f6nlemler a\u00e7\u0131klad\u0131. Bu ad\u0131mlar, k\u00fcresel enerji sevkiyat\u0131 i\u00e7in kritik bir ge\u00e7i\u015f noktas\u0131 olan H\u00fcrm\u00fcz Bo\u011faz\u0131\u2019na odaklan\u0131yor.<\/p>\n
Enerji arz\u0131na dair endi\u015feler petrol fiyatlar\u0131n\u0131 y\u00fckseltti; ABD ham petrol\u00fc WTI varili yakla\u015f\u0131k 97 dolar seviyesinde i\u015flem g\u00f6rd\u00fc. Petrol\u00fcn pahalanmas\u0131, piyasalarda enflasyon (fiyatlar\u0131n genel d\u00fczeyindeki art\u0131\u015f) kayg\u0131lar\u0131n\u0131 art\u0131rd\u0131.<\/p>\n
Enflasyon riski y\u00fckselince, piyasalar ABD Merkez Bankas\u0131 (Fed) i\u00e7in faizlerin daha uzun s\u00fcre y\u00fcksek kalaca\u011f\u0131, hatta yeniden artabilece\u011fi beklentisine kayd\u0131. Daha y\u00fcksek faiz, g\u00fcm\u00fc\u015f gibi faiz getirisi olmayan varl\u0131klara (elde tutana d\u00fczenli faiz\/kupon \u00f6demeyen varl\u0131klar) talebi azalt\u0131r; \u00e7\u00fcnk\u00fc bu t\u00fcr varl\u0131klar\u0131 ta\u015f\u0131mak daha maliyetli hale gelir.<\/p>\n
Hafta ba\u015f\u0131nda ABD veri takvimi sakin; odak Sal\u0131 g\u00fcn\u00fc a\u00e7\u0131klanacak \u00dcretici Fiyat Endeksi (PPI) verisinde. PPI (\u00fcreticilerin sat\u0131\u015f fiyatlar\u0131ndaki de\u011fi\u015fimi \u00f6l\u00e7en enflasyon g\u00f6stergesi) verisi, enflasyon e\u011filimi ve Fed\u2019in izleyece\u011fi yol hakk\u0131nda ek sinyal verebilir.<\/p>\n
Petrol fiyatlar\u0131n\u0131n 97 dolar civar\u0131na s\u0131\u00e7ramas\u0131 enflasyon endi\u015felerini art\u0131r\u0131yor ve Fed\u2019in faizleri daha uzun s\u00fcre y\u00fcksek tutma olas\u0131l\u0131\u011f\u0131n\u0131 g\u00fc\u00e7lendiriyor. Ge\u00e7en ay T\u00fcketici Fiyat Endeksi (CPI: t\u00fcketicinin \u00f6dedi\u011fi fiyatlar\u0131 izleyen ana enflasyon g\u00f6stergesi) y\u0131ll\u0131k %3,5 ile enflasyonun kal\u0131c\u0131 oldu\u011funu g\u00f6sterince, piyasa bu y\u0131l daha az faiz indirimi fiyatlamaya ba\u015flad\u0131. Bu tablo, g\u00fcm\u00fc\u015f gibi faiz getirisi olmayan varl\u0131klar\u0131 elde tutman\u0131n \u201cf\u0131rsat maliyetini\u201d (paray\u0131 faiz getiren ara\u00e7larda de\u011ferlendirmek yerine g\u00fcm\u00fc\u015fte tutman\u0131n kayb\u0131) y\u00fckselterek cazibesini azalt\u0131yor.<\/p>\n
Benzer bir durum 2022\u20132023 d\u00f6neminde g\u00f6r\u00fclm\u00fc\u015ft\u00fc: Enerji fiyat \u015foklar\u0131 merkez bankalar\u0131n\u0131 h\u0131zl\u0131 faiz art\u0131r\u0131mlar\u0131na itti. O d\u00f6nemde g\u00fcm\u00fc\u015f\u00fcn \u201cg\u00fcvenli liman\u201d (belirsizlikte de\u011fer korudu\u011fu d\u00fc\u015f\u00fcn\u00fclen varl\u0131k) \u00f6zelli\u011fi, y\u00fcksek faiz getirilerinin cazibeti kar\u015f\u0131s\u0131nda geri planda kalm\u0131\u015f ve fiyat\u0131 zay\u0131f seyretmi\u015fti. Tarih, enflasyonla m\u00fccadele eden \u201c\u015fahin\u201d Fed\u2019in (faiz art\u0131r\u0131m\u0131na yatk\u0131n s\u0131k\u0131 para politikas\u0131) g\u00fcm\u00fc\u015fte jeopolitik risklere k\u0131yasla daha belirleyici olabildi\u011fini g\u00f6steriyor.<\/p>\n
Sal\u0131 a\u00e7\u0131klanacak PPI verisi yak\u0131ndan izlenmeli. PPI\u2019\u0131n y\u00fcksek gelmesi, enflasyon bask\u0131s\u0131n\u0131n s\u00fcrd\u00fc\u011f\u00fcn\u00fc teyit edebilir; bu da dolar\u0131 destekleyip g\u00fcm\u00fc\u015f \u00fczerinde ek a\u015fa\u011f\u0131 y\u00f6nl\u00fc bask\u0131 yaratabilir.<\/p>\n
Buna kar\u015f\u0131n, g\u00fcm\u00fc\u015f\u00fcn sanayi talebi \u00f6nemli bir denge unsuru. G\u00fcne\u015f enerjisine k\u00fcresel ge\u00e7i\u015f s\u00fcr\u00fcyor; 2025\u2019te g\u00fcne\u015f enerjisi kurulumlar\u0131n\u0131n %30\u2019un \u00fczerinde artmas\u0131, metal arz\u0131n\u0131n kayda de\u011fer k\u0131sm\u0131n\u0131 emmeye devam ediyor. Bu g\u00fc\u00e7l\u00fc fiziki talep, diplomatik gerilimler azal\u0131rsa fiyatlarda bir taban olu\u015fmas\u0131na yard\u0131mc\u0131 olabilir.<\/p>\n
Alt\u0131n\/g\u00fcm\u00fc\u015f oran\u0131 90\u2019\u0131n \u00fczerine geni\u015fledi; ge\u00e7en y\u0131l ortalamas\u0131 84\u2019t\u00fc. Bu, g\u00fcm\u00fc\u015f\u00fcn alt\u0131na g\u00f6re belirgin zay\u0131f kald\u0131\u011f\u0131na i\u015faret ediyor. Yani alt\u0131n g\u00fcvenli liman talebiyle destek bulurken, g\u00fcm\u00fc\u015f daha \u00e7ok sanayi ve para politikas\u0131 dinamikleri nedeniyle bask\u0131lan\u0131yor.<\/p>\n
VT Markets canl\u0131 hesab\u0131n\u0131z\u0131 a\u00e7\u0131n<\/a>\u00a0ve\u00a0hemen i\u015flem yapmaya ba\u015flay\u0131n<\/a>. <\/b><\/p>\n","protected":false},"excerpt":{"rendered":" G\u00fcm\u00fc\u015fte sert g\u00fcn: XAG\/USD 74,10 dolar civar\u0131nda %2,23 d\u00fc\u015ft\u00fc. Orta Do\u011fu gerilimi petrol\u00fc 97 dolara ta\u015f\u0131d\u0131; enflasyon kayg\u0131s\u0131 Fed\u2019i \u015fahinle\u015ftirip dolar\u0131 g\u00fc\u00e7lendiriyor\u2014Sal\u0131 PPI kritik.<\/p>\n","protected":false},"author":87,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-44507","post","type-post","status-publish","format-standard","hentry","category-live-updates"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/44507","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/users\/87"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/comments?post=44507"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/44507\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=44507"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=44507"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=44507"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}