14.07.2026 10:00
Rising tensions in the Middle East and oil prices climbing above $80 have triggered sharp sell-offs in the gold market. Spot gold lost 2.9% of its value, marking its steepest daily decline in 17 months, while gram gold started the week with a loss of approximately 2.5%. Markets now turn their attention to the US inflation data and the Fed's interest rate decision.
The escalating tension between the US and Iran in the Middle East and oil prices rising back above $80 have caused severe fluctuations in the gold market. Gold, seen as a safe haven, faced selling pressure this time instead of rising.
Spot gold closed the previous trading day at $4,001, losing 2.9%. Thus, gold recorded its sharpest daily decline in the last 17 months.
Starting the new day with sell-offs, spot gold fell to $3,983, hitting its lowest level in two weeks. Later, recovering with bargain buying, spot gold was trading at $4,015 in the morning hours.
GRAM GOLD ALSO SEES LOSS OF 2.5%
The decline in spot gold also affected gram gold. While gram gold started the day at 6,070 TL, after closing the previous week at 6,222 TL, the weekly loss reached approximately 2.5%.
In the Grand Bazaar, physical gram gold is sold at 6,085 TL, and quarter gold at 9,960 TL.
WHAT IS THE REASON FOR SELLING PRESSURE?
According to analysts, the US-Iran tension pushing oil prices up raised the dollar index to 101.2. While the US 2-year bond yield rose to 4.29%, its highest since February 2025, 10-year bond yields also rose above 4.60%.
The increasing cost of holding gold, which yields no interest, led investors to sell.
EYES ON US INFLATION DATA
Markets are now focused on the June inflation data to be released in the US. If the data meets or exceeds expectations, it is assessed that expectations for the US Federal Reserve (Fed) to follow a tighter monetary policy could strengthen, potentially creating additional pressure on gold prices.
According to CME FedWatch data, markets price in a 77% probability of the Fed raising interest rates in September. Analysts track the $3,942 level as support and the $4,200 level as resistance for spot gold in the short term.