29.01.2026 21:50
Gold and silver, which tested historical peaks in the global markets in search of a safe haven, experienced a sharp decline following the strengthening of the US dollar. Gold prices saw the steepest daily drop since October, while silver prices decreased by up to 8.1%. In the free market, the price of gold per gram was trading at around 7,440 TL, while the price of silver per gram fell to 160 TL.
The increasing uncertainty in global markets and the need for safe havens have directed investors towards precious metals. Along with this trend, gold and silver prices quickly rose to historic levels, marking a sharp rally.
GRAM GOLD HAD EXCEEDED 8 THOUSAND TL
The rapid rise in gold prices per ounce also reflected in the domestic market. In the morning hours, the physical gram gold selling price at jewelers in the Grand Bazaar reached a record level of 8,030 lira.
THE SHARPEST DAILY DECLINE SINCE OCTOBER
However, the recovery of the US dollar reversed the direction in the precious metals front. Gold experienced its sharpest daily decline since October as the dollar strengthened. Prices recorded the fastest drop seen since October 21, with a loss of up to 5.7%. During the same period, sharp declines reaching 8.4% were observed in silver prices as well.
Throughout the year, gold had followed a strong upward trend due to increasing geopolitical tensions and concerns about the independence of the US Federal Reserve (Fed). This scenario supported transactions based on the weakening of the dollar, and the precious metal had gained approximately 20% in value within this month alone.
LAST PRICES OF GOLD AND SILVER
As of 21:00, the gram gold was trading at 7,446 lira in the free market, while the quarter gold was at 12,616 lira, and the half gold was selling for 25,231 lira. The gram of silver has decreased to 160 TL. In the spot market, as of 11:27 New York time, the ounce of gold was at 5,288 dollars with a 2.5% decline, while the ounce price of silver was trading at 112.7 dollars.