28.07.2026 07:50
With the end of conflicts between the US and Iran, Brent crude oil prices fell by 13.53 percent to $85.34 per barrel and continued to decline today. Despite the sharp drop in oil prices, gold fell to $4,045 per ounce and failed to rise. Global markets are now turning their attention to the FED interest rate decision to be announced tomorrow. The increase in the probability of an interest rate hike to 38 percent in the markets and Citadel Securities' expectations of a possible rate hike are increasing the pressure on gold prices.
The end of conflicts between the US and Iran has shifted the balance in global markets. While oil prices fell sharply, gold, seen as a safe haven, failed to gain value contrary to expectations. Markets are now turning their attention to the interest rate decision to be announced tomorrow by the US Federal Reserve (FED).
SHARP DROP IN OIL PRICES
With the end of tensions between the US and Iran, the price of Brent crude oil fell by 13.53% in yesterday's trading, closing the day at $85.34 per barrel. The decline continued today. As of 06:05 GMT, Brent crude oil was trading at $84.25 per barrel.
GOLD FAILED TO RISE
While gold was expected to find support as the decline in oil prices eased inflationary pressures, the yellow metal failed to rise despite this expectation. Although gold tested $4,116 per ounce in yesterday's trading, it could not hold on to its gains and closed the day at $4,076 per ounce. Today, as of 06:05 GMT, gold was trading at $4,045 per ounce, losing more than 0.7% in early trading.
MARKETS FOCUSED ON FED DECISION
The most important agenda item in global markets this week is the interest rate decision to be announced tomorrow by the US Federal Reserve. According to the CME FedWatch survey, the proportion of those expecting a rate hike rose to 38% before the decision. In the markets, this rate is considered one of the highest levels of uncertainty seen before an interest rate decision in recent years.
RATE HIKE CLAIM ON THE AGENDA
Despite US President Donald Trump's statement that "good negotiations were conducted with Iran to end conflicts," pressure on gold prices continued. US-based financial institution Citadel Securities made a notable assessment. The institution suggested that, in line with FED Chairman Kevin Warsh's remarks on price stability, the central bank may raise interest rates this week to strengthen its credibility.
CRITICAL SUPPORT LEVELS FOR GOLD
Analysts pointed out that FED Chairman Kevin Warsh did not give clear signals about future monetary policy, warning that the market may be underestimating the possibility of the FED turning hawkish. According to assessments, the $4,000 per ounce level stands out as support in the short term for gold, while in the event of a possible rate hike, the $3,850 level is being monitored as a critical support point.