09.10.2025 10:26
After Israel and Hamas approved the first phase of the Gaza Peace Plan, the demand for "safe havens" in global markets decreased. Following a record high of $4,059 per ounce, gold prices fell to around $4,000, while the price of Brent crude oil dropped to $65.85 per barrel. Domestically, the price of gold per gram started the day at 5,390 TL.
After Israel and Hamas approved the first phase of the Gaza Peace Plan, significant price movements are being observed in global markets. Following U.S. President Donald Trump's confirmation of the agreement, demand for gold, seen as a "safe haven," weakened, and the ounce price retreated from its peak.
GOLD RETREATS FROM PEAK
In yesterday's transactions, the ounce of gold reached a historic peak of $4,059, but today it has declined to around $4,000. As of 06:00 GMT, the ounce of gold continues to seek balance around $4,019.
In the domestic market, the gram of gold started the new day at 5,390 TL after yesterday's record of 5,443 TL. In physical markets, the gram of gold is trading around 5,770 TL, while the quarter gold is around 9,405 TL.
CAUTIOUS TONE IN FED MINUTES
The impact of the FED minutes is also felt in the pullback of gold prices. In the documents from the meeting held on September 16-17, it was noted that the weakening labor market is seen as a more immediate risk compared to persistently high inflation. However, the minutes also highlighted concerns that "rapid interest rate cuts" could disrupt inflation expectations. Analysts predict that the FED may implement two interest rate cuts this year, but could revert to a "wait-and-see" policy in the January 2026 meeting.
GOVERNMENT CRISIS CONTINUES IN THE U.S.
The U.S. government has entered its ninth day of shutdown. While budget disagreements continue between Republican and Democratic factions, no consensus was reached in the latest Senate vote. This situation raises concerns about economic and political stability, limiting investors' risk appetite. The uncertainties also contribute to the gold prices holding around $4,000.
OIL PRICE DECLINES
The reduction of tensions in the Middle East has also pulled down oil prices. The price of Brent crude oil fell by 0.60% in early trading, reaching $65.85 per barrel. Additionally, according to data released in the U.S., crude oil stocks increased by 3.7 million barrels, exceeding expectations. This increase has strengthened concerns about oversupply, adding further pressure on oil prices.