- BIST10012,151-0.94%
- USD49.220.00%
- EUR55.21+0.28%
- GOLD4,195.90-0.48%
- INTEREST37.00%-1.00
- BITCOIN82,825-1.01%
- October 13, 202619°
- BIST10012,151-0.94%
- USD49.220.00%
- EUR55.21+0.28%
- GOLD4,195.90-0.48%
- INTEREST37.00%-1.00
- BITCOIN82,825-1.01%
- October 13, 202619°
Gold falls below $4,000, bitcoin below $60,000
The dollar, strengthened by expectations of Federal Reserve interest rate hikes in global markets, pulled the spot gold price to its lowest level in seven months, while bitcoin also fell below $60,000.
In global markets, expectations that the U.S. Federal Reserve (Fed) will continue with interest rate hikes strengthened the dollar, putting pressure on gold prices. The spot gold price fell more than 2.3% on the third trading day of the week, dropping to $3,965 per ounce.
Thus, the precious metal fell below the psychological threshold of $4,000 for the first time since November last year. Gold, which approached the $5,600 level at the end of January, has lost approximately 29% of its value since then.
The decline in commodity markets also hit silver. The silver spot price, which has lost 63% from its peak levels, fell below $60 on Monday for the first time since December, and then traded at $58 on Tuesday, a loss of more than 4%.
Analysts said the most important factor putting downward pressure on the market is U.S. monetary policy. Noting that expectations that the Fed will continue its rate hike cycle have rapidly strengthened the dollar and pushed up U.S. bond yields, analysts said, 'This combination is quite unfavorable for gold. A strong dollar makes the metal expensive for buyers whose currency is not the dollar, while high interest rates increase the opportunity cost of gold, an investment that does not yield returns.'
Gold, which had gained more than 170% from early 2024 to the end of January 2026, had been one of the most popular investment vehicles of the recent period.
Meanwhile, the selling wave in global financial markets also spread to digital assets. According to data from cryptocurrency data analysis company CoinMarketCap, the total value of the global cryptocurrency market fell approximately 3.67% in the last 24 hours, dropping to $2.06 trillion.
The price of bitcoin, the largest cryptocurrency by market value, lost more than 4% in the last 24 hours, falling below $60,000. As of 20.15 Turkish time, bitcoin was trading at $59,756, with a weekly loss exceeding 9%.
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