23.06.2026 13:11
Expectations that the Fed might raise interest rates strengthened the US dollar, pulling gold and silver prices down in global commodity markets. After Goldman Sachs, Deutsche Bank also lowered its gold forecasts by up to 22%, deepening the decline, with an ounce of gold losing more than 2% during the day to fall to $4,108; in the domestic market, the price of gold per gram dropped to 6,143 lira.
Expectations that the U.S. Federal Reserve (Fed) could raise interest rates have strengthened the dollar, putting pressure on global gold markets. Following Goldman Sachs, the German banking giant Deutsche Bank also cut its gold price forecasts by up to 22 percent. Amid the pullback by global banks and interest rate concerns, sharp declines are being seen in both ounce and gram gold prices.
GLOBAL GIANTS LOWER THEIR FORECASTS
As the ounce gold attempts to stabilize around the $4,140 level, revision news has come in succession from major banks. After Goldman Sachs lowered its year-end gold forecast by $500 to $4,900 last week, Deutsche Bank also reduced its forecast by up to 22 percent.
Deutsche Bank lowered its ounce gold forecast to $4,300 for the third quarter and to $4,800 for the final quarter. The bank's analyst, Michael Hsueh, noted that strong U.S. macroeconomic data is putting pressure on gold and warned that if the Fed raises interest rates 3 to 4 times, gold could fall to $3,800.
LATEST MARKET SITUATION: OUNCE AND GRAM GOLD MELTING AWAY
In the gold market, which followed a bearish trend on the second trading day of the week, losses deepened during the day. Here are the latest figures from the markets:
Gold Prices;
- Ounce Gold: Lost more than 2 percent during the day, falling to $4,108 at 12:04 CET. In early trading, futures contracts were also down 0.5 percent, trading at $4,180.50.
- Gram Gold (Spot): In line with the sharp drop in ounce gold, it fell from the morning level of 6,163 lira and found buyers at 6,143 lira as of 12:04 CET.
- Grand Bazaar Market: In the Grand Bazaar, gram gold was offered for sale at 6,228 lira, while quarter gold was trading at 10,189 lira.
Other Precious Metals;
- Ounce Silver: With sharp downward movements, it fell to $61.83 at 12:04 CET. Later in the day, spot silver saw levels of $64.02, down 1.8 percent.
- Platinum and Palladium: Platinum fell 1.6 percent to $1,651.79, and palladium lost 0.7 percent, dropping to $1,256.27.
INFLATION AND INTEREST RATE PENDULUM HITS GOLD
Tim Waterer, Chief Market Analyst at KCM Trade, stated that while gold finds support from falling oil prices, it struggles against the U.S. dollar, which is trading near one-year highs. Recovering oil prices, on the other hand, fuel inflation concerns and increase expectations of high interest rates. Although gold is traditionally seen as a hedge against inflation, it loses its appeal in a high-interest-rate environment due to the opportunity cost.
EYES ON CRITICAL DATA AND FED STEPS
Chicago Fed President Austan Goolsbee noted that the labor market is stable and the main focus is on whether high inflation will persist. According to CME FedWatch data, the probability of a rate hike in December, which was 61 percent before last week's Fed meeting, is now priced at 88 percent. Investors are closely monitoring the U.S. Personal Consumption Expenditures (PCE) data, which is the Fed's most closely watched inflation indicator and will clarify the direction of the central bank's monetary policy.