The price of gold continued to rise with the impact of the Fed interest rate decision and increasing geopolitical tensions in the Middle East. Gold broke records at $3,060 per ounce. Meanwhile, in the Grand Bazaar, the price of a gram of gold reached 3,600 liras.

Gold hit record highs ahead of the Federal Reserve’s (Fed) interest rate decision. Starting the day positively, gold rose over 1% to $3,060, marking its all-time highest level. 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. The price of a quarter of gold also reached a peak of 5,857 liras. All eyes are now on the Fed’s interest rate decision tomorrow. While it is expected to keep interest rates steady, the messages from Fed Chairman Jerome Powell will be closely watched. Signals will also be sought on how President Donald Trump’s aggressive trade and tariff policies will affect Fed decisions.

Economic data from the US has also strengthened concerns about economic growth. Retail sales increased by 0.2% in February, below market expectations. On the geopolitical front, Israel launched an airstrike in the Gaza Strip. At least 220 people lost their lives in the attacks. Hamas announced that Netanyahu and the government have decided to break the ceasefire and put hostages in an unknown situation. Furthermore, Trump warned in a statement yesterday that Iran will be held directly responsible for future attacks by the Houthi rebels in Yemen targeting US and other foreign ships in the Red Sea.