How Global Markets and Middle East Developments Affect Gold Prices
While the ounce price of gold lost value in global markets to see a one-week low, Middle East tensions and Fed expectations are shaping the markets.
In global markets, the ounce price of gold showed a decline in yesterday's trading, testing its lowest level of the past week. As of September 9, 2026, gram gold started the day at 6,828 TL, while developments in the Middle East, rising oil prices, and the Fed's interest rate hike expectations are acting as determining factors on gold prices.
Loss of Value in Ounce Gold
In global markets, the ounce price of gold lost 1.14 percent in value during yesterday's trading to close at $4,355.
Starting the day with buying, the ounce price tested $4,341 with the increase in oil prices and the resurgence of inflationary risks.
Middle East and Oil Pressure
The escalation of clashes between the US and Iran and oil prices approaching $100 again reduced risk appetite for the yellow metal.
Supply concerns in oil increased inflationary pressures in the global economy and expectations for a tighter monetary policy.
Bond Yields and Fed Expectations
While the US 2-year Treasury yield headed toward the 4.40 level, the cost of holding non-yielding gold also increased.
As markets await the August CPI data to be released on Friday, the probability of an interest rate hike from the Fed exceeded 60 percent.
Central Bank Gold Purchases
Beyond short-term price movements, central banks continue to accumulate gold and diversify their reserves.
The People's Bank of China added approximately 20.2 tons of gold to its reserves in August, continuing its purchases uninterrupted for 22 months.
Current Gold Prices
As of September 9, 2026, gram gold started the day at the level of 6,828 TL in the spot market.
Quarter gold continues to trade at a buying price of 11,017 TL and a selling price of 11,152 TL.