09.11.2026 08:11
Gold prices started the new week with a rise. Having gained 5 percent last week, ounce gold climbed to 4,134 dollars, while gram gold saw 6,668 liras. While the decline in oil prices supported gold, expectations that the US Federal Reserve (Fed) could raise interest rates limited the rise.
In global markets, gold prices became the focus of investors on Monday, November 9. Gold, which gained about 5 percent last week, continued its rise in the first transactions of the new week. While the decline in oil prices eased inflation concerns and supported gold, strong employment data from the US economy reshaped expectations regarding the Fed's interest rate policy. Markets are now turning their attention to inflation data to be released in the US.
THE DECLINE IN OIL SUPPORTED GOLD
US President Donald Trump's statements regarding the negotiations with Iran were among the developments putting pressure on prices in the oil market. Trump said that if significant progress is made on Iran's nuclear program and the reopening of the Strait of Hormuz, the possibility of new attacks on the country is extremely low.
The decline in oil prices strengthened expectations that inflation pressure stemming from energy costs could decrease. While this development supported gold, uncertainties regarding the Fed's interest rate policy prevented prices from rising faster.
THE FED'S DECEMBER DECISION IS AWAITED
Employment data released in the US on Friday showed that the labor market maintained its strong course in October. The unemployment rate falling to 4.1 percent and the acceleration in employment growth strengthened expectations that the Fed could raise interest rates in December.
According to reported market pricing, investors assess the probability of a 25 basis point rate hike before the end of the year at about 81 percent. This rate was at 71 percent before the employment data. Since rising interest rates can limit the appeal of gold, which offers no interest yield, investors are closely watching the Fed's next step.
SPOT GOLD SAW $4,134
In international markets, spot gold started the day at $4,060. The precious metal, which fell to $4,054 during the day, saw $4,134 as the rise accelerated. In the latest reported pricing, spot gold traded at the $4,120 level.
GRAM GOLD AT THE 6,668 LIRA LEVEL
Domestically, gram gold also found support from the rise in spot gold. Gram gold, which started the day at 6,558 lira, saw a low of 6,538 lira and a high of 6,668 lira during the day. In the latest reported pricing, gram gold found buyers at 6,645 lira.
Gold investors focused on US inflation data that could determine the direction of prices, as well as upcoming statements from Fed officials and developments in the Middle East.