07.08.2026 10:22
Gold, which recorded a weekly gain of more than 5% supported by easing tensions in the Middle East and falling oil prices, hit a fresh record, reaching $4,289 per ounce and 6,575 TL per gram. Ahead of the critical US non-farm payrolls data that will guide the Fed's interest rate path, scenarios of $4,600 for the precious metal are being discussed.
Gold, gaining strength from easing tensions in the Middle East and falling oil prices, is putting in its strongest performance since January with a weekly gain exceeding 5 percent. All eyes are now on the US non-farm payrolls data, which will chart the Fed's interest rate path, for the precious metal that is hitting fresh records.
NEW PEAKS IN OUNCE AND GRAM GOLD
Spot gold, which continues its upward momentum in global markets, has gained more than 5 percent on a weekly basis, testing historic levels.
- Ounce Gold: Climbed to as high as $4,289 per ounce during the morning session at 09:23 TSI.
- Gram Gold: Rose to 6,575 lira in the free market, driven by the strong rally on the ounce side.
WHAT'S BEHIND THE RISE IN GOLD PRICES?
StoneX Senior Analyst Matt Simpson stated that increasing hopes for peace in the Middle East have lowered inflation expectations, allowing gold to break its compression around the $4,000 band and gain upward momentum.
Statements by US President Donald Trump that the war with Iran could end soon, along with the pullback in crude oil prices, have calmed global inflation concerns. Gold, which yields no interest, has once again become the main center of attraction for investors as the pressure on central banks to hike rates eases.
MARKETS LOCKED ONTO 15:30
Investors' focus has shifted to the July non-farm payrolls data, which will be released by the US Department of Labor at 15:30 TSI. Analyst Matt Simpson noted that the data could create short-term fluctuations, but the overall direction is upward, stating, "The $4,000 level has proven to be solid support. The clear message from the market is that gold wants to continue its rally toward the $4,600 target."
FED RATE HIKE EXPECTATIONS RETREAT
According to CME FedWatch data, the probability of the US Federal Reserve (Fed) raising interest rates in September has declined to 55 percent from 63 percent a week earlier.
St. Louis Fed President Alberto Musalem, however, argued that a gradual and early increase in interest rates would prevent future shocks, expressing his support for a rate hike.
LATEST STATUS IN OTHER PRECIOUS METALS
The positive mood in the markets also reflected on other precious metals:
- Spot Silver: Rose 0.8 percent to $61.96 per ounce.
- Platinum: Gained 0.4 percent to reach $1,735.71.
- Palladium: Fell 0.3 percent, a limited loss, to $1,367.06.