Yeliz Akmaca 
After a sharp 2.5% surge on Friday, gold saw a partial pullback on the first trading day of the week. On Monday, spot gold fell 1.1% to $4,988 per ounce. U.S. markets were closed for Presidents’ Day, while China remained on Lunar New Year holiday. In thin trading conditions, investors booked profits from Friday’s gains.
The Bureau of Labor Statistics reported that the Consumer Price Index (CPI) rose 0.2% in January following a 0.3% increase in December. Economists polled by Reuters had forecast a 0.3% rise. These data points applied slight pressure on gold prices, while spot gold showed sudden fluctuations. Gram gold traded around 7,222 TL. In the short term, this pullback makes recovery difficult, and without a shift in the dollar’s trend, upward momentum is likely limited.
Inflation Data and Fed Outlook Influence Gold
CPI readings played a key role in short-term market movements. Chicago Fed President Austan Goolsbee noted that interest rates could fall, though service-sector inflation remains elevated. Markets expect the Fed to keep rates steady at its March 18 meeting. Futures pricing indicates a total 75 basis points of cuts this year, with the first expected in July. Historically, non-yielding precious metals perform well in low-interest-rate environments. Tim Waterer added, “Gold will likely need the dollar to resume its downtrend to push toward $6,000 by year-end.”
Why Did Bitcoin and Gold & Silver Fall?
Other Metals and Geopolitical Developments
Silver rose 3% on Friday but fell 3.2% on Monday to $74.50 per ounce. Platinum slipped 0.4% to $2,054.78, and palladium declined 0.2% to $1,682.44. Geopolitical developments are also weighing on the market. U.S. military officials are reportedly preparing for a potential weeks-long operation against Iran if President Donald Trump authorizes an attack, which could escalate tensions far beyond recent clashes.
Local Market Snapshot
As of 08:50 Turkish time, HAS Gold was trading around 7,291 TL, reflecting a roughly 1.10% daily drop. Gram gold remained near 7,327 TL.
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HAS: 7,258.83 / 7,291.27 TL, -1.09%
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Spot : 4,984.8 / 4,985.4 USD, -1.16%
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Gram : 7,222.54 / 7,327.73 TL, -1.09%
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Gold/Silver Ratio: 59.03 / 66.54, +1.28%
Profit-taking and low trading volumes continue to pressure both international and local prices.
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