Gold prices continued to rise due to the impact of the Fed interest rate decision and increasing geopolitical tension in the Middle East. Gold reached a record high of $3,017 per ounce. Meanwhile, the price of gold per gram surpassed 3,550 Turkish lira.

Gold broke records ahead of the Federal Reserve’s (Fed) interest rate decision. Starting the day positively, gold per ounce reached a historical high of $3,017. The price of gold per ounce has increased by 15% since the beginning of the year. Gold per gram reached 3,551 Turkish lira, while a quarter of gold renewed its peak at 5,826 Turkish lira. All eyes in the markets are now on the Fed’s interest rate decision announcement tomorrow. While the bank is expected to keep interest rates steady, Federal Reserve Chairman Jerome Powell’s messages will be closely monitored. Signals will also be sought regarding how U.S. President Donald Trump’s aggressive trade and tariff policies will influence Fed decisions.

Economic data from the U.S. also heightened concerns about economic growth. Retail sales in February increased by only 0.2% monthly, 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 had decided to breach the ceasefire and put hostages in an uncertain situation. Additionally, Trump warned in a recent statement that Iran would be held directly accountable for any future attacks by Houthi rebels in Yemen targeting U.S. and other foreign ships in the Red Sea.