Gold prices continued to rise due to the impact of the Fed interest rate decision and increasing geopolitical tensions in the Middle East. The price of gold reached a record of 3,060 dollars per ounce. In the Grand Bazaar, the price for a gram of gold hit 3,600 liras.

Gold reached a record high before the Federal Reserve’s (Fed) interest rate decision. Starting the day positively, the price of an ounce of gold rose by over 1% to 3,060 dollars, hitting an all-time high. The price of gold per ounce has increased by 15% since the beginning of the year. In the free market, the price of a gram of gold reached a record high of 3,600 liras. Meanwhile, the price of a quarter of gold hit a new peak at 5,857 lira. Market focus is now on the interest rate decision that the Fed will announce tomorrow. While it is expected that the bank will keep interest rates steady, the messages from Fed Chairman Jerome Powell will be closely monitored. Signals will be sought regarding how President Donald Trump’s aggressive trade and tariff policies will affect Fed decisions.

Economic data from the United States also reinforced concerns about economic growth. Retail sales increased by only 0.2% in February, falling below market expectations. On the geopolitical front, Israel initiated an air strike in the Gaza Strip. At least 220 people lost their lives in the attacks. Hamas announced that Netanyahu and the government’s decision to break the ceasefire put hostages in an unknown situation. Additionally, Trump warned in a recent statement that Iran would be directly blamed for future attacks by Houthi rebels in Yemen targeting U.S. and other foreign ships in the Red Sea.