21.10.2026 10:30
Spot gold fell for the fourth consecutive trading day, pressured by inflation concerns heightened by rising oil prices and the recovery in the dollar. As of 10:00, spot gold had retreated to $4,112, while gold per gram was sold at 6,558 lira and the quarter gold coin at 10,723 lira. Markets expect the Fed to keep interest rates unchanged at its October 27-28 meeting and leave a hike to December.
Gold prices started the middle of the week with a decline under double pressure from oil and the dollar. Expectations that the Fed may raise interest rates are reducing investor interest in the precious metal.
OUNCE FALLS BACK TO $4,112
Spot gold's ounce traded at $4,112 as of 10:00. According to Reuters data, the ounce had fallen 0.1% to $4,119.37 at 08:16 Turkish time and extended its losses to a fourth trading day. In the US, December-delivery gold futures also fell 0.1% to $4,137 at the same time.
Selling pressure was also seen in other precious metals. Silver's ounce fell 1.1% to $57.35, platinum fell 0.6% to $1,639.47, and palladium fell 1% to $1,091.78.
GRAM GOLD 6,558 LIRA
In the free market, as of 10:00, gram gold found buyers at 6,557 lira and sellers at 6,558 lira. The buying price for quarter gold coin was 10,492 lira and the selling price was 10,723 lira. Half gold coin was bought at 20,918 lira and sold at 21,446 lira, while the buying price of Republic gold coin was set at 43,563 lira and the selling price at 44,224 lira.
In the Grand Bazaar, gram gold found buyers at 6,565 lira and sellers at 6,573 lira. Quarter gold coin was bought at 10,504 lira and sold at 10,747 lira, while half gold coin was bought at 20,943 lira and sold at 21,494 lira.
OIL AND DOLLAR PRESSURE
The first source of pressure on gold was oil prices. Risks to commercial ship traffic in the Red Sea and threats to energy infrastructure in Saudi Arabia are keeping Brent crude's barrel price above $100. Rising oil prices are increasing inflation concerns while also strengthening expectations of interest rate hikes. A high-interest environment raises the cost of holding gold, which yields no return.
The second pressure factor was the dollar. The US dollar, which stabilized after its recent losses, limited demand for gold. It was stated that US bond yields rose as risk appetite increased in the markets.
STATEMENTS FROM IRAN AND THE HOUTHIS RAISING TENSION
Tension in the region is also affecting the oil market. In a statement on Monday, Iran's army claimed that Tehran had not yet completely closed the Strait of Hormuz and could extend the blockade to the Bab-el-Mandeb Strait and the Suez Canal. The Houthis, meanwhile, claimed to have carried out attacks on King Khalid International Airport in Riyadh, Saudi Aramco facilities in Yanbu, the Shaybah oil field, and Saudi naval forces.
FED EXPECTED TO HOLD IN OCTOBER AND HIKE IN DECEMBER
Almost all economists surveyed by Reuters expect the Fed to keep interest rates unchanged at this month's meeting and to make the hike in December. According to CME FedWatch data, markets see the probability of a rate hike at the October 27-28 meeting at 15%, while pricing that probability at 88% for December. Fed Chair Kevin Warsh, in his latest speech, avoided making a commitment regarding the October and December meetings. Markets will also follow the PCE inflation data, which the Fed closely watches, next week.
WHAT ARE ANALYSTS SAYING?
DHF Capital CEO Bas Kooijman assessed that gold could remain under pressure for a while longer as oil prices rise again. Tastylive Global Head of Macro Ilya Spivak stated that gold could resume its rise if some of the rate hikes priced in by markets for next year are removed from expectations.
In the technical outlook, for ounce gold to start an upward move again, it needs to surpass the $4,147-$4,176 band. In closings above this band, the $4,201 and $4,218 levels will be monitored.