Fed Decision Sparks Gold Price Surge

The US Federal Reserve (Fed) decided to keep its policy rate unchanged in the 3.50-3.75 percent range, which led to a sharp rise in gold prices.

Gold prices rose by 1.2% to $4,080 per ounce after the Fed's decision. The gram of gold in the domestic market also increased to 6,215 Turkish Liras.

The Fed's statement noted that economic activity expanded at a solid pace despite high uncertainty stemming from conflicts in the Middle East. Employment gains were running parallel to labor force growth and the unemployment rate changed little.