Gold Prices in Global Markets and Experts' New Medium-Term Record Expectations

Gold prices in global markets, which have declined due to the policies of the US Federal Reserve, continue to stay in the spotlight with medium and long-term new record projections from fund managers and industry representatives.

Decline in Spot Gold

Gold prices in global markets declined amid expectations that the US Federal Reserve (Fed) might continue its interest rate hikes.

According to a report by the British economic newspaper Financial Times, the ounce price of gold dropped by approximately 2 percent on Wednesday, October 14, down to 4,075 dollars.

Although it has moved away from its historical peak of over 5,500 dollars seen in January, gold continues to trade at historically high prices.

Views of Industry Representatives

Speaking at the Precious Metals Symposium organized by the FT, fund managers and mining industry representatives stated that the price drop may not be permanent.

Geopolitical tensions, rising public debts, market uncertainties, and central banks' pursuit of reserve diversification were cited among the main drivers of demand for gold.

Central Bank Gold Purchases

According to preliminary data from the World Gold Council, central banks' gold purchases in September reached approximately 63 tons.

While this figure points to the highest monthly purchasing level recorded since November 2024, the People's Bank of China's reserves reached approximately 2,410 tons.

Future Record Expectations

Troy Asset Management fund manager Charlotte Yonge and Aon Investments manager Paul Carne projected that gold could reach new peaks within 12 to 24 months.

Allied Gold CEO Peter Marrone, Endeavour Mining CEO Ian Cockerill, and Suki Cooper from Standard Chartered also drew attention to long-term demand and risk factors.