Gold Prices Decline Following Fed's Rate Hike and Hawkish Messages
The US Federal Reserve's interest rate hike after a three-year hiatus and year-end signals caused gold prices to pull back.
The US Federal Reserve's decision to raise interest rates after three years and leaving the door open for another hike by the end of the year pressured gold prices.
Fed Raises Interest Rates After Three Years
The Federal Open Market Committee unanimously raised the policy rate by 25 basis points in line with expectations.
The Committee raised its policy rate projection for the end of 2026 from 3.8 percent to 4.1 percent.
Loss of Value in Spot Gold
Spot gold, which had risen to the $4,353 level prior to the announcement, declined by more than two percent following the decisions to drop to $4,243.
Markets and Technical Levels Are Being Monitored
Experts point out that for the technical outlook in gold to strengthen, the 200-day moving average must be surpassed.
It is stated that if this level is not breached, the pullback could continue down to $4,200.
Current Gold Selling Prices
In the markets, gram gold finds buyers at the level of 6,750 liras, while quarter gold trades above 11,000 liras.
Half gold is sold at 22,072 TRY, and full gold is sold at the 44,002 TRY level.