30.06.2026 07:30
The sharp decline in the gold market continues. Spot gold fell below $4,000, losing 12.65% in June and heading for its sharpest monthly drop since the 2008 global financial crisis. While gram gold also dropped below 6,000 lira, experts warned that oil prices and interest rate pressure could increase selling pressure on gold.
Gold prices continue to decline in global markets. Spot gold closed at $4,017 yesterday, losing 1.75% of its value, and today it has fallen back below the $4,000 level.
As of 06:00 GMT, spot gold was trading at $3,965, approaching the lowest levels in the last seven months.
SHARPEST MONTHLY DECLINE IN 18 YEARS
On the last trading day of June, spot gold is poised to lose 12.65% on a monthly basis. Unless a strong recovery occurs in the remainder of the day, this performance will mark the sharpest monthly decline in the last 18 years, following a 16.80% drop seen in October 2008.
GRAM GOLD ALSO FELL BELOW 6,000 LIRA
The selling pressure on spot gold also affected domestic markets. Gram gold started the day at 5,950 lira in the spot market, falling back below the 6,000 lira level. Physical gram gold in the Grand Bazaar was sold at 6,032 lira in the morning hours.
"DEATH CROSS" IN TECHNICAL ANALYSIS
According to analysts, a notable technical development occurred in spot gold. As the 50-day moving average fell below the 200-day moving average, a technical pattern known as the "death cross" formed in the market.
Experts suggest that if the 50-day average fails to rise above the 200-day average again, selling pressure on gold prices may persist.
EXPERTS WARN OF OIL AND INTEREST RATE RISKS
Bart Melek, Head of Commodity Research at TD Securities, stated that the biggest short-term risk for gold prices is oil prices.
Melek noted that Brent crude could rise to the $90-110 range, potentially increasing inflation expectations and leading to the continuation of tight monetary policies. He emphasized that this would raise carrying and opportunity costs for gold investors and highlighted the possibility of spot gold testing levels below $3,900.
Reminding that retaliatory strikes between Iran and the US continue despite peace talks in the Middle East, Melek assessed, "The conflict has not yet ended."