06.08.2026 09:30
The weakening of expectations that the US Central Bank (Fed) will raise interest rates in September, along with the decline in the dollar and bond yields, pushed gold prices higher. While spot gold rose 4.18% to test $4,302, gram gold gained 6% weekly, reaching 6,541 lira. Following this surge, it is stated that prices could enter a new recovery process toward the $5,000 level.
Developments in global markets and changing expectations regarding the US Federal Reserve's (FED) interest rate policy have brought about the sharpest rise in gold prices in the last six months. While spot gold surpassed the $4,300 threshold, gram gold also recorded a significant weekly gain, exceeding the 6,500 lira level.
GLOBAL DEVELOPMENTS IGNITE GOLD
At the core of this sharp upward movement in gold prices are the positive news flow from the Middle East and macroeconomic data coming from the United States. Progress in the negotiations in the Middle East and strong expectations that the Strait of Hormuz could be reopened to trade have pulled oil prices down to around $80 levels in global markets. While this easing in energy costs directly alleviated inflation concerns, all eyes turned to the FED's interest rate decision in September.
With inflation pressure easing, market expectations that the FED would possibly raise interest rates in September rapidly declined from above 80% to around 55%. This change in expectations caused the US dollar to lose strength globally. During the same period, a significant decline in US two-year Treasury yields rapidly increased demand for gold, which is seen as a safe haven.
GOLD INVESTORS SEE PROFITS AFTER A LONG TIME
In light of all these macroeconomic developments, spot gold closed the day yesterday at $4,247 with a notable gain of 4.18%. In the first transactions of the new day, spot gold maintained its momentum and tested $4,302, the highest level in the last one and a half months. In the domestic market, gram gold investors saw profits. Gram gold, which completed the previous week at 6,172 liras, gained 6% in value, reaching 6,541 liras.
RESISTANCE POINT AT $4,390 FOR SPOT GOLD
Following this sudden and strong rally in the market, analysts have also identified technical levels for where the new price equilibrium might form. According to experts, the $4,200 level will now be monitored as a strong support point. If upward movements continue, it is stated that the first significant resistance is at the $4,390 level. The 200-day moving average, considered critical for determining the direction of the long-term trend, stands at the $4,490 level.