Gold Prices Continue to Rise: Reaching Record Levels

Reason for Gold's Rise: Fed Interest Rate Decision

Before the anticipated interest rate decision from the Federal Reserve (Fed), gold prices have reached a new record. Today, the gram of gold is trading at 7,340 liras, attracting the attention of investors. The previous day, with the increase in the price of gold per ounce, gram gold closed at 7,230 liras with a rise of %2.6.

Current Status of Gram Gold Prices

As of 09:50 today, gram gold is at 7,340 liras with a rise of %1.6. Additionally, quarter gold prices are at 12,470 liras, while the Republic gold is being sold at a level of 49,660 liras. Under the influence of geopolitical and political uncertainties, investors continue to evaluate opportunities in the precious metal market.

Expectation of Market Volatility

Investors are currently focused on the monetary policy decisions the Fed will make this evening. Analysts report that expectations are high for the bank to keep the policy rate steady. The statements of Fed Chairman Jerome Powell could have a significant impact on the direction of the markets. During this process, increasing volatility in the markets will be a situation that investors need to watch closely.

Geopolitical Developments and the Impact of the Dollar

Concerns regarding possible U.S. intervention in Iran and the risk of government shutdown are affecting investors' decision-making processes. Additionally, it has been recorded that the dollar index has declined to %95.5, reaching its lowest level since February 2022. In such a situation, the drop in the dollar reduces the alternative cost of gold, providing an additional opportunity for investors seeking safe havens.

Gold and Silver Prices Continue to Rise

Yesterday, the price of gold per ounce reached a historic peak of 5,182 dollars, while as of the new trading day, this level has risen to 5,262 dollars. Currently, the price of gold per ounce is trading at 5,258 dollars with a rise of %1.6. This increase is also reflected in silver prices; the price of silver per ounce has risen by %2.3 to 114.7 dollars.

Today's Data Agenda

Analysts indicate that the domestic data agenda is calm, while in the foreign arena, Germany's GfK consumer confidence index, weekly mortgage applications in the U.S., and the Fed's interest rate decision along with Powell's speech will be closely monitored.