AI-generated summary
Investors closely follow inflation data for the US Federal Reserve's interest rate decisions. CPI and PPI data are important indicators that may affect expectations for the Fed's monetary policy.
Gold prices remained flat on Wednesday as investors focused on the consumer price index (CPI) data to be announced during the day to get new signals regarding the direction of the US Federal Reserve's (Fed) monetary policy.
Spot gold remained unchanged at $4,159.45 per ounce as of 05.51 GMT. December delivery US gold contracts increased by 0.1 percent to $4,182.60.
Tastylive Global Macroeconomics Head Ilya Spivak said that there was no major movement in gold prices and prices remained within a certain range. He stated that the fact that gold can maintain this range while oil prices are rising indicates that the precious metal is looking for a reason for the rise.
On the geopolitical front, while the conflicts between the Iran-backed Houthis in Yemen and Saudi Arabia intensified, an administrative building belonging to Saudi Aramco was attacked in the city of Dhahran in the east of the country. Oil prices rose on Wednesday following the news, as Saudi Arabia's Ministry of Energy confirmed the attack.
Spivak said that if the CPI and producer price index (PPI) data and retail sales figures to be announced indicate a weakening in economic momentum, the markets may reduce their expectations for additional Fed interest rate hikes this year. He stated that such a development could support gold prices.
US CPI data is expected to be announced today at 15.30 GMT. PPI and retail sales data will be published on Thursday.
New York Fed President John Williams reiterated his view that the central bank may need to raise interest rates again this year as part of efforts to reduce inflation.
Fed Board Member Christopher Waller said that the recent rise in US bond yields reflects the strengthening of economic growth rather than the increase in inflation expectations. Waller said inflation expectations remain “firmly anchored.”
According to CME FedWatch data, markets estimate a 23 percent probability that the Fed will raise interest rates this month, while pricing an 88 percent probability of an increase in December.
Although gold is generally seen as a hedge against inflation, rising interest rates reduce the attractiveness of gold, which does not provide returns, for investors.
In other precious metals, spot silver decreased by 0.6 percent to $59.11 per ounce, while platinum remained flat at $1,664.19. Palladium increased by 0.4 percent to $1,130.81.
AI outlook — possibilities, not facts
If CPI data is weak, the market may reduce expectations for additional Fed interest rate hikes this year.
Possible · Within hours
Geopolitical tensions may support oil prices in the short term.
Likely · Within days

At the Turkey-EU Business Summit held in Brussels, Belgian Deputy Prime Minister and Minister of Foreign Affairs Maxime Prevot stated that the Russia-Ukraine war and global competition have increased Europe's economic vulnerabilities due to disruptions in supply chains, and that Türkiye can make Europe's supply chains more resilient thanks to its production capacity, industrial expertise and connections with neighboring markets. Prevot emphasized the necessity of modernizing the Customs Union and stated that economic relations should be moved beyond trade in goods and joint development, production and investment should be carried out. He also recalled the benefits of player transfers to Turkish football, stating that Türkiye is not only an industrial partner but also a gateway to markets in the wider region.
The US Treasury Department announced that it imposed a fine of over $1.21 billion on Bank of America for violating anti-money laundering and sanctions laws. The penalty was imposed following investigations by FinCEN and the OCC and is based on the bank's failure to timely report suspicious transactions and deficiencies in its compliance program.
The IMF reported that rising borrowing costs during a period of high indebtedness increased the pressure on public finances and credible fiscal consolidation steps became more urgent. The article stated that global public debt is expected to exceed 100 percent of GDP by 2030 and long-term government bond yields have reached a 20-year high in G7 countries.

In the IMF's Fiscal Monitoring Report blog post, it was stated that high and increasing debt levels strengthen the interaction between fiscal policy and interest rates. High indebtedness emphasized that the increase in policy rates further worsens budget deficits and debt stock and makes market interest rates more sensitive to financial developments. Data in the US showed that future prospects for long-term interest rates have become more sensitive to projected public debt in recent years. While global public debt is expected to exceed 100 percent of GDP by 2030, the increase in bond yields in major economies may negatively affect the debt dynamics of other countries. The increasing interest burden narrows the fiscal space and reduces resources for public investments and social expenditures.

CMB and Borsa Istanbul supervisory boards did not intervene, although they saw transactions in the Tera, Pusula and Hedef funds, in which the emphasis on virtual return generation and the transfer of public money could be clearly seen. While the funds were going public, they deceived investors with the reference to virtual returns, and fund managers and related persons acquired luxury assets. On September 17, 2026, CMB closed 131 funds and put them into liquidation, and 455 thousand investors had money exceeding 800 billion liras in these funds. The state earned 140 billion lira from these funds with withholding tax income and now demands refunds from those who made extraordinary profits.

The Ministry of Commerce imposed an anti-dumping duty on imports of sodium gluconate originating from China. Weifang Jianbao Biotechnology Co., Ltd. 22.5% for Shandong Fuyang Bio-Tech. Co., Ltd. Rates were set at 24.4% for and 32.9% for all other Chinese exporters. The measures will be implemented for 5 years. The only local producer is Sunar Mısır, based in Adana. Company owner Hüseyin Nuri Çomu was first arrested in connection with the FETO case and then sentenced to 5 years, 22 months and 15 days in prison.