28.01.2026 07:40
As the dollar sharply declined and global uncertainties increased demand for safe havens, gold reached a level of 5,247 dollars per ounce, while gram gold rose to 7,324 liras, breaking all-time records.
The sharp decline of the dollar and increasing geopolitical uncertainties have directed investors towards safe havens. While awaiting the monetary policy decisions of the U.S. Federal Reserve (Fed), gold prices have reached new records.
ALL-TIME RECORD IN OUNCES OF GOLD
On Wednesday, the price of gold per ounce rose by 1.1% to $5,243.58. During the day, the price of gold per ounce reached $5,247.21, hitting an all-time high. Gold has gained over 20% in value since the beginning of the year. U.S. futures contracts for gold traded at $5,237.70, up 3.1%.
SHARP RISE IN GRAMS OF GOLD
The rise in the price of gold per ounce has also reflected in the domestic market. The price of gold per gram increased by 1.11% to 7,305 lira. During the day, the price of gold per gram reached 7,324 lira, setting a historical record.
DOLLAR AT A FOUR-YEAR LOW
As the U.S. dollar continues to hover near its lowest levels in nearly four years, selling pressure has increased. U.S. President Donald Trump's statements regarding the value of the dollar have strengthened the perception of a "weak dollar" in the markets. Analysts emphasized that this breakdown on the dollar front has provided strong support for gold prices.
TRUMP EFFECT AND FED EXPECTATIONS
OANDA Senior Market Analyst Kelvin Wong noted that the rise in gold is fueled by a strong inverse correlation with the dollar. Wong stated that Trump's statements have pushed prices up during the U.S. session. Trump mentioned that he would announce a new Fed chair nominee soon and predicted that interest rates would decrease with the new administration. Markets expect the Fed to keep interest rates steady at its January meeting.
$6,000 SCENARIO ON THE AGENDA
Deutsche Bank projected that due to persistent investment demand and central banks shifting towards alternative assets to the dollar, gold could rise to $6,000 per ounce by 2026. In the short term, it was noted that the technical resistance level is around $5,240.
OTHER PRECIOUS METALS ARE ALSO RISING
Spot silver rose by 1.9% to $115.11. Silver had set a record at $117.69 at the beginning of the week and has gained approximately 60% since the beginning of the year. Platinum increased by 2% to $2,692.60, while palladium traded at $1,961.68, up 1.4%.
CONSUMER CONFIDENCE DECLINED
In the U.S., consumer confidence fell to its lowest level in 11.5 years in January due to a weakening labor market and high prices. This situation has accelerated investors' shift towards safe havens.