02.04.2026 10:30
Gold prices retreated after a rise, as Trump's statements and increasing interest rate expectations put pressure on the market; however, experts maintain their bullish outlook in the medium term.
In the first half of the week, gold prices showed an increase in global markets, but in the latest transactions, they turned downwards. The ounce of gold closed at $4,758 with a 1.95% increase the previous day, but today it has started to decline.
OUNCE GOLD HAS RETREATED
The ounce of gold, which closed at $4,495 last week, tested the $4,800 level this week. However, selling pressure emerged in the new day. As of 06:00 Turkey time, the ounce of gold was trying to stabilize around $4,685, with a daily loss approaching 1.5%.
RETREAT IN GRAM GOLD AS WELL
The fluctuations in the ounce gold also reflected in the gram gold prices. This week, gram gold reached 6,866 TL, closing yesterday at 6,843 TL. As of April 2, 2026, gram gold started the day at 6,705 TL. In the Grand Bazaar, physical gram gold is being sold at 6,865 TL, while a quarter gold is offered at 11,400 TL. Gram gold had seen a peak of 7,028 TL this week.
TRUMP'S MESSAGES AFFECTED THE MARKET
U.S. President Donald Trump's harsh statements regarding Iran changed the direction of the markets. Trump stated that a heavy intervention in Iran would take place in the coming weeks. Following these statements, oil prices rose. Brent oil increased by over 5%, rising above $105 again.
WHY DID GOLD FALL?
As oil prices rose, inflation expectations increased, and upward movements were observed in the dollar index and U.S. Treasury yields. These developments put pressure on gold prices.
CRITICAL LEVELS ARE BEING MONITORED
Analysts indicate the $4,650 level as a temporary support for ounce gold, stating that if this level is breached, the $4,500 level could come into play.
ISLAM MEMİŞ SAID "10 THOUSAND TL"
Money Markets Expert Islam Memiş stated that the decline in gold is not permanent, expressing that the 10,000 TL level in gram gold continues to be a target. He also mentioned that he maintains his expectation for the ounce gold to be in the range of $5,880-$6,000.