14.04.2026 18:59
U.S. Treasury Secretary Bessent's backtracking on interest rate cut rhetoric and delivering a 'wait-and-see' message, coupled with rising oil prices, pushed gold prices higher and increased uncertainty regarding Fed policies.
The change in stance on monetary policy by US Treasury Secretary Scott Bessent following the sharp rise in oil prices drew attention in the markets. Bessent's statement that the Fed could wait for interest rate cuts caused volatility in gold prices.
"WAIT AND SEE" MESSAGE
Speaking at the Semafor World Economy Conference held in Washington, Bessent stepped back from his previously advocated view of rapid interest rate cuts. Stating that the increase in energy costs has changed the picture, Bessent said, "Interest rates should ultimately fall, but we should be in a wait-and-see phase for now."
VOLATILITY IN GOLD
Following the statements, a rise was seen in gold prices. While ounce gold tested $4,803 on the day it started at $4,768, gram gold also drew attention by approaching 6,900 lira.
OIL AND INFLATION PRESSURE
The war in Iran and oil prices rising above $100 are making it harder for the Fed in terms of balancing the fight against inflation and growth. In the markets, expectations that the Fed may keep interest rates steady this year are strengthening, while the possibility of a limited interest rate hike, albeit limited, continues to remain on the agenda.
UNCERTAINTY AT THE FED CONTINUES
On the other hand, as Fed Chairman Jerome Powell's term approaches its end, the blockage in the Senate process for his nominated successor, Kevin Warsh, is drawing attention. The investigation being conducted against Powell and political tensions are also complicating the process.