- BIST10012,151-0.94%
- USD49.220.00%
- EUR55.21+0.28%
- GOLD4,188.10-0.06%
- INTEREST37.00%-1.00
- BITCOIN81,374-0.47%
- October 13, 202618°
- BIST10012,151-0.94%
- USD49.220.00%
- EUR55.21+0.28%
- GOLD4,188.10-0.06%
- INTEREST37.00%-1.00
- BITCOIN81,374-0.47%
- October 13, 202618°
Precious metals lost value due to dollar strength and interest rate hike expectations
Gold, silver, and platinum prices fell as the U.S. dollar index rose and expectations increased for the Federal Reserve to raise interest rates.
Precious metals recorded a decline under pressure from a strengthening U.S. 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 like gold, silver, and platinum.
The ounce price of gold fell by 2 percent to $4,126 in spot transactions.
The ounce price of silver dropped by 4.3 percent to $63.
Platinum was also among the metals that lost value, declining by 2.5 percent to $1,650 per ounce.
Statement from Trump on Iran
These declines came despite a statement from U.S. President Donald Trump, who said 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 any bargaining chips against the U.S., 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 U.S. had announced on June 14 that they reached a 14-point memorandum of understanding, with Pakistan's mediation, aimed at stopping the war and resolving disputes between the parties through dialogue and negotiations.
The agreement, called the "Islamabad Memorandum," entered into force on June 18 after being electronically signed by Iranian President Masoud Pezeshkian and U.S. President Donald Trump.
The memorandum includes issues such as ending the war in Lebanon, reopening the Strait of Hormuz, and lifting the U.S. naval blockade on Iran.
Stay Updated with The Turkiye Times
Subscribe to be informed about special news, developments and announcements. We will keep you informed.
By signing up, you agree to our Privacy Policy
