With the influence of the Federal Reserve interest rate decision and increasing geopolitical tension in the Middle East, gold prices continued to rise. Gold hit a record high of $3,060 per ounce. Meanwhile, the price of a gram of gold reached 3,600 lira in the Grand Bazaar.

Gold reached a record high prior to the Federal Reserve (Fed) interest rate decision. Gold began the day positively, surging over 1% to $3,060 and hitting its highest level in history. The price of gold per ounce has seen a 15% increase since the beginning of the year. In the free market, the price of a gram of gold soared to 3,600 lira, setting a new record. At the same time, a quarter of a gold hit a peak of 5,857 lira. All eyes in the market are now on the Fed’s interest rate decision expected to be announced tomorrow. While it is anticipated that the bank will keep interest rates stable, the messages from Fed Chairman Jerome Powell will be closely watched. Signals will be sought on how President Donald Trump’s aggressive trade and tariff policies will affect Fed decisions.

Economic data from the United States also intensified concerns regarding economic growth. Retail sales in February only rose by 0.2% month-on-month, falling below market expectations. In terms of geopolitics, Israel initiated an airstrike in the Gaza Strip. At least 220 people lost their lives in the attacks. Hamas declared that Netanyahu and the government decided to break the ceasefire and put hostages in an unknown situation. Furthermore, Trump issued a warning yesterday that Iran will be directly held responsible for any future attacks by Houthi rebels in Yemen targeting American and other foreign ships in the Red Sea.