19.10.2026 10:41
Gold started the week with a rise after expectations of a rate hike in October weakened following statements by US Federal Reserve (Fed) Chair Kevin Warsh. Spot gold rose about 0.45% to $4,186, approaching the $4,200 threshold. While gram gold was trading at 6,662 liras with a 0.43% increase, the selling price of quarter gold became 10,892 liras. The sell-off in artificial intelligence stocks also increased safe-haven demand.
Gold continued its rise from the morning hours on the first trading day of the week. Changes in expectations regarding the Fed’s interest rate policy and selling pressure in stock markets directed investors back to gold.
CURRENT GOLD PRICES
As of 10:10, gold per gram was trading at 6,662 lira in the free market, up 0.43 percent. Quarter gold coins sold for 10,892 lira, half gold coins for 21,784 lira, and Republic gold coins for 44,444 lira. In the Grand Bazaar, the selling price of gold per gram was recorded at 6,608 lira. USD/TRY stood at 49.55.
After last week, when gold per gram started the day around 6,532 lira, it entered the new week at a higher level. In international markets, silver traded at 57.3 dollars per ounce, up 0.6 percent, while platinum traded at 1,641 dollars per ounce, up 0.4 percent.
WARSH’S REMARKS CHANGED INTEREST RATE EXPECTATIONS
Fed Chair Kevin Warsh did not give a clear signal on the interest rate decision in his speech at the IMF meetings held in Bangkok on Friday. Markets interpreted Warsh’s remarks as support for keeping interest rates unchanged. After this assessment, the probability of a 25 basis point rate hike in October fell below 20 percent.
The Fed entered a quiet period before its meeting on October 27-28. While markets expect interest rates to remain unchanged in October, they are pricing in a hike in December. US inflation data released last week and above expectations strengthened rate hike expectations and also lifted the dollar.
AI CONCERNS BENEFITED GOLD
Concerns about artificial intelligence investments led to selling in stock markets. This selling wave pulled bond yields lower and made non-yielding gold more attractive. Expectations that the decline in oil prices could ease inflation pressure also supported prices.
After US President Donald Trump’s decision to remove tariffs and sanctions on Russia, expectations that Russia would supply more oil to the market lowered oil prices. However, the above-expectations increase in US September import prices and tensions in the Middle East keep inflation concerns alive.
ANALYSTS CAUTIOUS
Gold has held above the 4,000-dollar support level since August. However, the ounce price is about 25 percent below its record of 5,608 dollars seen in January. Since the conflict between the US and Iran began in late February, gold per ounce has lost about one-fifth of its value.
ANZ analysts assessed that rising bond yields reflect fiscal sustainability and debt concerns rather than growth. Noting that gold continues to be a hedging tool in this environment, the analysts forecast that the rise will remain limited in the short term and that the ounce will exceed 5,000 dollars in 2027. Forex.com analyst Fawad Razaqzada, in his assessment after last week’s rise, said, “I would be reluctant to interpret today’s gains as a clear signal that the correction is over.”
EYES ON INFLATION DATA
Investors are closely following the Personal Consumption Expenditures (PCE) data, accepted as the Fed’s primary inflation indicator, and the Fed’s meeting. Investment demand from China and central banks’ gold purchases to diversify their reserves are also being monitored in the markets.