- BIST10011,798+3.22%
- USD49.55+0.21%
- EUR55.57-0.09%
- GOLD4,149.70-0.25%
- INTEREST37.00%-1.00
- BITCOIN82,303+0.56%
- October 20, 202618°
- BIST10011,798+3.22%
- USD49.55+0.21%
- EUR55.57-0.09%
- GOLD4,149.70-0.25%
- INTEREST37.00%-1.00
- BITCOIN82,303+0.56%
- October 20, 202618°
Gold falls below $4,000, Bitcoin drops under $60,000
In global markets, a strengthening dollar on expectations of Fed interest rate hikes pulled gold's ounce 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 interest rate hikes strengthened the dollar, putting pressure on gold prices. Spot gold's ounce price fell more than 2.3 percent on the third trading day of the week, dropping to $3,965.
Thus, the precious metal fell below the $4,000 psychological threshold for the first time since November last year. Gold, which approached the $5,600 level at the end of January, has lost approximately 29 percent of its value since then.
The downward trend in commodity markets also hit silver. After falling more than 63 percent from its peak levels, silver's ounce price dipped below $60 on Monday for the first time since December, and traded at $58 on Tuesday, losing over 4 percent.
Analysts stated that the most important factor pressuring the market downward is U.S. monetary policy. Noting that expectations that the Fed will sustain 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. While a strong dollar makes the metal expensive for buyers with non-dollar currencies, high interest rates increase the opportunity cost of gold, an asset that yields no return."
Gold, which had gained over 170 percent from the beginning of 2024 to the end of January 2026, had been one of the most popular investment vehicles in recent times.
Meanwhile, the selling wave in global financial markets also spread to digital assets. According to data from cryptocurrency analytics firm CoinMarketCap, the total value of the global cryptocurrency market fell approximately 3.67 percent in the last 24 hours, dropping to $2.06 trillion.
The price of Bitcoin, the largest cryptocurrency by market capitalization, lost more than 4 percent in the last 24 hours, falling below $60,000. Trading at $59,756 as of 20:15 Turkish time, Bitcoin's weekly loss exceeded 9 percent.
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