Economy in Turkey: Gold Hits 4-Month High, Silver Surges to 14-Year Peak

Gold and silver prices are making headlines this week as both precious metals surge to multi-year highs. The rally comes amid growing expectations that the U.S. Federal Reserve will cut interest rates as early as this month — fueling bullish momentum in global markets. In Turkey, gram gold opened the week with an all-time record, while silver soared above $40 per ounce for the first time since 2011.

Gold Rally Fueled by Fed Rate Cut Expectations

On Monday, spot gold jumped 0.9% to $3,473 per ounce, its highest level since April 23. U.S. gold futures also gained 0.8%, reaching $3,543.70 per ounce. The surge follows dovish signals from the Federal Reserve, which have strengthened hopes of a 25 basis point rate cut in September — despite higher-than-expected core PCE inflation data released last Friday.

Gram Gold Sets New Record in Turkey

The bullish sentiment in international markets has directly impacted gold prices in Turkey. Gram gold began the new week at a historic high, currently hovering around ₺4,600 per gram after a 0.8% daily gain. This marks the highest level ever recorded in the Turkish market, driven by both global price movement and a weakening Turkish lira.

Silver Breaks Through $40 for First Time Since 2011

Silver stole the spotlight by climbing 1.6% to $40.31 per ounce, marking its highest point in 14 years. This is the first time since September 2011 that silver has crossed the $40 threshold — fueled by investor demand for alternative stores of value and industrial use expectations.

Dovish Fed, Weaker Dollar Support Precious Metals

Matt Simpson, Senior Analyst at City Index, noted that dovish remarks from San Francisco Fed President Mary Daly allowed markets to fully price in a September rate cut, even in the face of stubborn inflation data. Meanwhile, a recent U.S. Court of Appeals ruling declaring many of Donald Trump’s tariffs unlawful has put additional pressure on the U.S. dollar, offering further support for gold.

Platinum and Palladium Also on the Rise

Other precious metals joined the rally. Platinum rose 0.9% to $1,376.95 per ounce, while palladium increased 0.8%, reaching $1,118.12 per ounce.

With central banks signaling policy shifts and geopolitical uncertainty lingering, investors are once again turning to gold and silver as safe-haven assets — and markets are responding fast. Whether this rally will hold or correct depends largely on the Fed’s next move.