- BIST10011,798+3.22%
- USD49.58+0.05%
- EUR55.62+0.09%
- GOLD4,132.70-0.24%
- INTEREST37.00%-1.00
- BITCOIN82,646-0.35%
- October 21, 202611°
- BIST10011,798+3.22%
- USD49.58+0.05%
- EUR55.62+0.09%
- GOLD4,132.70-0.24%
- INTEREST37.00%-1.00
- BITCOIN82,646-0.35%
- October 21, 202611°
Precious metals lose value amid dollar strength and interest rate hike expectations
Gold, silver, and platinum prices fell due to a rising US dollar index and increased expectations for a Federal Reserve interest rate hike.
Precious metals recorded a decline under pressure from a strengthening US dollar and rising expectations that the Federal Reserve (Fed) will tighten monetary policy.
The rise in the dollar index and predictions that the Fed will raise or maintain interest rates at high levels created additional pressure on non-yielding assets such as gold, silver, and platinum.
The price of gold per ounce fell by 2 percent to $4,126 in spot transactions.
The price of silver per ounce dropped by 4.3 percent to $63.
Platinum was also among the metals that lost value, falling by 2.5 percent to $1,650 per ounce.
Trump's statement on Iran
These declines came despite a statement by US President Donald Trump that there was 'positive progress' in negotiations to end the war between Washington and Tehran.
Responding to journalists' questions at the White House about whether Iran had leverage against the US, Trump stated that Tehran had suffered 'heavy losses'.
On a question regarding the Strait of Hormuz, Trump said, 'It is still open and will remain open.'
Iran and the US announced on June 14 that they had reached a 14-point memorandum of understanding, mediated by Pakistan, aiming to stop the war and resolve disputes between the parties through dialogue and negotiations.
The agreement, called the 'Islamabad Memorandum', entered into force on June 18 after being signed electronically by Iranian President Masoud Pezeshkian and US President Donald Trump.
The memorandum includes issues such as ending the war in Lebanon, reopening the Strait of Hormuz, and lifting the US naval blockade on Iran.
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