10.10.2025 09:53
Gold prices reversed direction and moved downward following a record high reached yesterday due to profit-taking. In a market characterized by fluctuations driven by the Fed's signals of interest rate cuts and geopolitical developments, gold fell by more than 2%, dropping below $4,000 per ounce. This decline, perceived as a correction after a rapid rise, has led to gold trading at levels close to flat today.
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Gold prices had surged to a peak at the beginning of the week due to economic uncertainties in global markets and signals of interest rate cuts from the U.S. Federal Reserve (Fed). After progressing towards its eighth consecutive weekly gain, gold prices showed a slight decline today. The drop, perceived as a correction of the rapid rise, led to trading at levels close to flat today.
Following the news of a consensus reached in the first phase of the ceasefire plan between Israel and Hamas, investors turned to profit-taking from gold, which is seen as a safe haven. This development caused the price of bullion gold to retreat from the $4,000 level.
BULLION GOLD RETREATED FROM THE $4,000 THRESHOLD
Gold fell below $4,000 per ounce. After reaching an all-time high of $4,059 per ounce on Wednesday, gold prices completed a rapid four-day rise.
“CIRCUIT BREAKER” IN THE GRAND BAZAAR
A situation similar to the circuit-breaking process experienced in the stock market was also observed in the Grand Bazaar. Throughout the day yesterday, gold prices continuously moved upward, and due to the intensity of demand, gold sales were temporarily halted in the Grand Bazaar for the first time in 51 years. After approximately an hour-long break, the market rebalanced, and sales gradually resumed.
In the Grand Bazaar, gram gold is being bought at 5,568 lira and sold at 5,649 lira.
BULLION GOLD
Bullion gold started the day at $3,980. During the day, the lowest level seen was $3,947, and the highest was $3,994. Currently, it is trading at $3,975.
GRAM GOLD
Gram gold started the day at 5,339 lira. During the day, the lowest level seen was 5,307 lira, and the highest was 5,371 lira. Currently, it is finding buyers at 5,333 lira.
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