24.06.2026 07:40
Earthquake in gold prices. Conflicting statements from the US-Iran line, expectations of Fed interest rate hikes, and the strengthening dollar have pushed gold to its lowest level in two weeks. Experts say that if selling pressure continues, the $3,500 scenario remains on the table.
The sharp decline in gold prices continues. Contradictory statements from the US-Iran front, expectations of Fed interest rate hikes, and a strengthening dollar have pushed spot gold to its lowest level in two weeks. Experts warn that if it falls below the $4,000 level, the decline could continue to $3,800 and then to $3,500.
GOLD AT TWO-WEEK LOW
Selling pressure on gold prices persists in global markets. Spot gold lost over 1%, falling to $4,057, while US gold futures contracts also dropped 1.6%, trading at $4,083.90.
Following the decline in spot gold, gram gold also fell. Gram gold started the new day down 1.2%, at 6,067 lira levels.
CONTRADICTORY STATEMENTS FROM THE US AND IRAN
Behind the sharp move in gold are uncertainties regarding nuclear negotiations between the US and Iran. US President Donald Trump claimed that Iran agreed to indefinite inspections of nuclear facilities, while the Tehran administration denied this allegation.
It is also reported that there is a dispute between the parties over access to Iran's frozen funds abroad.
STRENGTHENING DOLLAR PRESSURES GOLD
Experts note that rising bond yields and a strengthening dollar are increasing pressure on gold. With expectations regarding the US Federal Reserve's interest rate policies, the dollar index has risen to its highest levels in a year, making gold less attractive to investors.
$3,500 SCENARIO ON THE AGENDA
Ilya Spivak, Head of Global Macro at Tastylive, stated that if gold slips below the $4,000 level, the decline could continue first to $3,800 and then to $3,500 levels.
OTHER PRECIOUS METALS ALSO DECLINED
The decline in gold also affected other precious metals. Spot silver fell 0.9% to $61.44, platinum dropped 0.8% to $1,638, and palladium fell 0.8% to $1,227.41.