17.06.2026 10:31
Global markets are focused on the Fed interest rate decision to be announced at 9:00 PM tonight and the first speech by new Fed Chair Kevin Warsh at 9:30 PM. With the US-Iran peace agreement easing inflation pressure, spot gold, which has extended its rally to a fifth day, awaits the critical hour at $4,341 per ounce, while gram gold is at 6,436 lira levels.
The historic Federal Reserve (Fed) meeting, on which global markets are locked, has arrived. Gold prices started the critical decision day on Wednesday with a five-day rising streak. While the temporary peace agreement between the US and Iran reduces inflation pressure, supporting gold, the precious metal's ultimate fate will be determined by the statements of new Fed Chairman Kevin Warsh this evening.
Markets will learn the critical Fed interest rate decision at 21:00; the speech of the brand-new chairman Kevin Warsh, who will face cameras for the first time, will begin at 21:30.
OUNCE AND GRAM GOLD ON THE RISE TO PEAK
Demand for safe-haven gold remains vibrant ahead of the interest rate decision.
- Ounce Gold: Starting the day near the week's highest levels with a 0.3% increase at $4,341.12, then stabilizing in the $4,323 band. (August futures contracts reached $4,361.10).
- Gram Gold: Trading at 6,436 lira levels in the free market, influenced by the strong stance in ounce gold.
US-IRAN AGREEMENT LOWERS OIL
Details of the US-Iran temporary peace agreement, which reduces tension in the Middle East, are becoming clear. According to the agreement, which US President Donald Trump stated would prevent Tehran from acquiring nuclear weapons, Iranian oil will be allowed to enter the global market after the signatures. This development has pushed oil prices to their lowest level in three months, easing global inflation concerns and thus the pressure on the Fed to raise interest rates.
Ilya Spivak, Head of Global Macro at Tastylive, commented, "The pullback in oil prices has cooled interest rate hike expectations, but since the focus is on the Fed, the rally in gold is currently losing momentum."
FIRST MAJOR TEST FOR NEW CHAIRMAN WARSH
While the market sees rates as certain to remain unchanged in this meeting, the real curiosity is the stance of new Fed Chairman Kevin Warsh. Analysts, reminding that this meeting is the first FOMC meeting chaired by Warsh, highlight: "Investors are waiting to see how Kevin Warsh, known for his hawkish background, will balance rising inflation with the White House (the Trump administration)'s pressure demanding a 'dovish' policy."
Indeed, the probability of a rate hike in December, which was 70% before the peace agreement, has now fallen to 59%. It is stated that if Warsh gives dovish signals this evening, gold could undergo a sharp upward climb.
OTHER PRECIOUS METALS ALSO ON THE RISE
In line with the positive atmosphere in gold, other precious metals also increased their gains:
- Spot Silver: Rose 0.3% to $70.38 per ounce,
- Platinum: Increased 0.5% to $1,812.80,
- Palladium: Gained 0.3% to reach $1,355.65.