21.05.2026 10:30
Gram gold started the day at 6,655 TRY on May 21, 2026, while spot gold traded at $4,538. The decline in oil prices supported gold, but the Fed's minutes signaling a rate hike curbed the rise. Analysts point to the $4,365 level as critical support for spot gold.
The fluctuating trend in gold prices continues. On the morning of May 21, 2026, gram gold started the day at 6,655 TL, and ounce gold at 4,538 dollars. Gold, which rose yesterday due to the decline in oil prices, came under pressure again after the release of the "hawkish" minutes from the US Federal Reserve.
GRAM GOLD STARTED THE DAY AT 6,655 TL
The gram gold price trading on the spot market started the new day with an increase. As of May 21, 2026, gram gold was trading at 6,655 TL, while the lowest intraday level yesterday was tested at 6,527 TL.
In the Grand Bazaar, during the morning hours:
- The physical gram gold selling price was recorded at 6,678 TL
- The quarter gold selling price was recorded at 10,885 TL.
SHARP MOVEMENT IN OUNCE GOLD
Ounce gold prices also followed a volatile trend due to global developments. After falling to 4,453 dollars in yesterday's trading, ounce gold closed the day at 4,543 dollars, up 1.37%. This morning, ounce gold was trading around 4,538 dollars.
DECLINE IN OIL PRICES
Developments in the Middle East continue to determine market direction. US President Donald Trump's statement that negotiations with Iran are "approaching the final stage" created limited optimism in the markets. Following this development, oil prices experienced a sharp decline. Brent crude oil, which reached 111.50 dollars in yesterday's trading, fell to 105.50 dollars this morning. The drop in oil prices, which reduced inflation concerns, supported short-term buying reactions in gold prices.
FED MINUTES PRESSURED GOLD
The US Federal Reserve's April meeting minutes created new pressure in the markets. The minutes showed that a majority of Fed members agreed that "if inflation pressures persist, a rate increase could come back on the agenda." It was also reported that some members argued that "easing" messages should be abandoned and that it should be indicated that the next step could be a rate hike. The upward momentum in gold weakened after the "hawkish" statements.
ANALYSTS WARN OF CRITICAL LEVELS
Analysts note that progress in negotiations with Iran could reduce risks related to the Strait of Hormuz. This situation is said to lower oil prices and ease global inflation pressure. Ole Hansen, Head of Commodity Strategy at Saxo Bank, highlighted technical levels for ounce gold.
According to Hansen:
- The 200-day moving average at 4,365 dollars stands out as a critical support
- The 50-day moving average at 4,678 dollars is an important resistance level.