09.06.2026 09:51
With the easing of tensions in the Middle East, gold per ounce recovered to $4,337, while gram gold started the day at 6,432 TL, as markets turned their attention to US inflation data. Evaluating the market amid China's uninterrupted 19-month gold purchases, Assoc. Dr. Filiz Eryılmaz recommended a gradual strategy for new investors and identified the $4,280 - $4,311 range as the first critical buying level.
The gold market is experiencing volatile days amid fluctuating geopolitical tensions in the Middle East and ahead of critical inflation data from the US. As tensions between Israel and Iran eased, the ounce price of gold recovered to $4,337, while the gram price of gold started the day at 6,432 TL. Experts warned investors "Don't rush" ahead of the Fed's interest rate decision and revealed critical levels.
MIDDLE EAST CALMS, OUNCE GOLD RECOVERS
In global markets, the direction of precious metals has been determined for some time by news flows from the Middle East. At the beginning of the week, during the one-day tension between Israel and Iran, the ounce price of gold had retreated to $4,269. However, as the parties returned to a ceasefire climate, the yellow metal compensated for its losses and closed yesterday's trading at $4,330. In the new day, as of 06:00 CET, the ounce gold is trading at $4,337. In the domestic market, spot gram gold started the day at 6,432 TL.
EYES ON US INFLATION AND FED'S DECISION
The two biggest hurdles for gold this week will be the US May inflation data. The Consumer Price Index (CPI) to be released tomorrow and the Producer Price Index (PPI) due on Thursday will be the last indicators before the Fed's interest rate decision on June 17. Analysts predict that a CPI figure above expectations could increase selling pressure on gold, while a low figure could revive rate cut expectations and provide a base formation. According to CME FedWatch surveys, there is a 96% probability that the Fed will keep rates unchanged at its meeting next week, while the possibility of a rate hike later in the year remains on the table, posing a risk for gold, which offers no yield.
CHINA CONTINUES PURCHASES
Despite high oil prices and interest rate pressure, geopolitical risks keep global demand for gold robust. Ignoring the volatility in prices, the People's Bank of China increased its gold reserves by approximately 10 tons in May as well. Thus, China continued its gold buying spree for the 19th consecutive month.
EXPERT WARNING: DON'T RUSH FOR NEW PURCHASES
Evaluating this technical outlook in the markets, Pusula Investment Chief Economist Assoc. Prof. Dr. Filiz Eryılmaz stated that there is no selling pressure or panic situation for long-term investors at the moment. However, emphasizing that caution is needed for those who will make new purchases, Eryılmaz drew attention to the following levels: "Since prices are trading below the 200-day moving average ($4,435), one should not rush into new purchases. A gradual buying strategy should be followed. The $4,280 - $4,311 band could be a suitable zone for the first tranche. If the ounce gold achieves permanence above the levels of $4,355 and $4,440, these can be set as new tranches. However, if it slips below $4,280, the decline could deepen; in that case, it is necessary to watch the market and wait."