Yeliz Akmaca 
The gold market opened Thursday morning with flat and slightly bearish trading, following a strong surge exceeding 2% yesterday. Gram gold, quarter gold, and full gold coins opened under pressure, while ounce gold traded around $4,968. In Turkey, gram gold also felt this retracement, falling to 7,012 TL.
This pause in the market can be interpreted as investors balancing between low liquidity in Asian markets and upcoming critical U.S. inflation data. Holidays in major players such as China and South Korea have slightly thinned market activity, but the main story remains in the Fed minutes.
Why Gold Is Pulling Back: Fed Minutes and Dollar Pressure
There is no single reason for this gold retracement. Minutes from the Federal Reserve’s latest meeting show members are cautious about interest rate cuts. Some even indicated that “a rate hike remains on the table if inflation does not decline,” which pushed non-yielding gold slightly aside.
The dollar’s global strength continues to pressure gold prices. Analysts suggest gold could fluctuate in the $4,800–$5,100 range in the short term, with Friday’s Personal Consumption Expenditures (PCE) report likely decisive for a lasting trend.
February 19 Current Gold and Silver Trends
Gram gold is trading around 7,012 TL, down about 0.1%. Ounce gold is just below the psychological $5,000 mark at $4,968.
Silver prices, following yesterday’s gain of over 5%, are holding steady at $77.18. Technically, the $70–$90 range remains the main trading zone for silver.
Other precious metals saw minor changes: platinum fell to $2,069, while palladium remained stable around $1,715.
Market Analysis: Is It the Right Time to Buy Gold?
This sideways movement can be interpreted as the calm before the storm. Macro pressures dominate over technical weakness. If U.S. employment and inflation data fail to reassure the Fed, a stronger dollar could continue to challenge gold.
The 7,000 TL support for gram gold is critical. However, the market always leaves room for reversal. If Friday’s data falls short of expectations, current bearish sentiment could quickly reverse.
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