13.11.2026 07:30
As the gold market enters the last trading day of the week, sharp price movements are being experienced. Inflation data in the US exceeding expectations, interest rate hike messages from Central Bank (Fed) officials, and the strengthening of the dollar increased selling pressure on the precious metal. While spot gold saw its lowest level in the last 13 months at 3,853 dollars, gram gold also declined to 6,225 lira. Despite reaction purchases from bottom levels, gold is on track to close the week with a loss.
In global markets, gold prices are closely watched by investors on the last trading day of the week. Having finished last week at $4,069, spot gold fell sharply this week under the influence of data from the US economy and expectations regarding the Fed's monetary policy.
In trading on November 12, spot gold fell to $3,853, testing its lowest level since October 2025.
As of 06:05 Turkey time on Friday, November 13, spot gold was trading at $3,918, and its weekly loss was calculated at approximately 3.7 percent.
Although reaction buying was seen from the bottom levels in gold prices, the weekly loss continued. If current levels are maintained, the precious metal may experience its sharpest weekly decline of the last three weeks.
SHARP DECLINE ALSO IN GRAM GOLD
Selling pressure in international markets was also reflected in gram gold prices in Turkey. Having finished last week at 6,660 lira, gram gold was priced at 6,344 lira on the morning of November 13.
While gram gold fell to as low as 6,225 lira during the week, its weekly loss reached approximately 4.7 percent. Fluctuations in the dollar/lira exchange rate were effective in gram gold following a different course from spot gold.
This volatility in gold prices particularly drew the attention of investors who place their savings in the precious metal.
INFLATION DATA FROM THE US HIT GOLD
One of the most important developments behind the sharp decline in gold prices was the October inflation data announced in the US.
According to data released on November 10, the consumer price index in the US rose 0.4 percent month on month. Markets had expected the increase to be 0.3 percent.
Core inflation, excluding food and energy prices, also rose 0.3 percent, surpassing the 0.2 percent expectation.
Inflation coming in above estimates strengthened expectations that the Fed could maintain its tight monetary policy for longer. Expectations that interest rates could remain high pressured demand for gold, which does not yield interest.
RATE HIKE SIGNAL FROM THE FED
Statements from US Federal Reserve officials also increased pressure on gold prices.
Fed Board Member Christopher Waller said he would support a 25 basis point rate hike at the December meeting, while noting that a 50 basis point increase could also be considered if core inflation remains high.
Chicago Fed President Austan Goolsbee said he found the released inflation data concerning, while Cleveland Fed President Beth Hammack drew attention to price pressures moving in an undesirable direction.
Following these statements, expectations that interest rates would be raised in December gained strength in the markets.
TRUMP'S IRAN STATEMENT ALSO AFFECTED MARKETS
Among the developments affecting the direction of gold prices were US President Donald Trump's statements regarding Iran.
In his statement on November 12, Trump argued that Washington no longer needed an agreement with Iran. Trump's remarks, in which he claimed they had control over Iran's assets and the Strait of Hormuz, increased uncertainty regarding expectations for a diplomatic solution in the region.
As the possibility of a new military intervention against Iran came onto the agenda, oil prices found support, and energy costs and the course of inflation also moved into investors' focus.
DOLLAR STRENGTHENED, GOLD REMAINED UNDER PRESSURE
Inflation exceeding expectations in the US and expectations that the Fed could raise interest rates led the dollar to strengthen in international markets.
The dollar index approached 103.15, while the US 10-year bond yield rose to 5.12 percent.
The dollar's appreciation caused gold, which is priced in dollars, to become more expensive for investors using other currencies.
Rising bond yields also reduced the appeal of gold, which does not provide an interest return, for investors.
WILL A RISE IN GOLD BEGIN?
After gold prices fell to their lowest level in 13 months, reaction buying drew attention. Spot gold rising from $3,853 back above $3,900 indicated a limited recovery after the decline.
However, it has not yet become clear whether this movement will turn into a lasting rise. In the period ahead, markets will monitor the impact on gold prices of US inflation data, statements by Fed officials, the course of the dollar, and developments in the Middle East.