Global Developments and Fed Expectations Lead to Decline in Gold Prices
As spot gold fell below $4,450, the latest market situation and current sales figures for gram, quarter, half, and republic gold coins have become clear.
Gold prices declined amid expectations that the US Federal Reserve will keep interest rates high and a rise in oil prices. While spot gold trades below $4,450, markets are focusing on the upcoming Fed meeting scheduled for September 15-16.
Impact of Interest Rate and Oil Expectations
Expectations that the US Federal Reserve, the Fed, will keep interest rates high for some time due to resurging energy prices have weighed on gold prices. Spot gold fell by more than 3.5% over the previous two sessions, experiencing its fastest losses in the last two weeks.
Geopolitical Tensions and Markets
Oil prices rose for two consecutive sessions after US forces struck Larak Island. Following the clashes, Iran responded with attacks on the UAE and Jordan, reigniting tensions around the Strait of Hormuz.
Fed Meeting and Analyst Comments
All eyes have turned to the Fed meeting to be held on September 15-16. IG senior market analyst Tony Sycamore stated that the drop reflects a combination of hawkish rhetoric and regional tensions.
Current Gold Prices Table
Gram gold is trading around 6,791 liras in the Grand Bazaar markets. According to current data, the buying price of gram gold is 6,877.09 TL and the selling price is 6,878.04 TL. The selling price of the quarter gold coin was recorded at 11,150.00 TL.