06.05.2026 13:35
Following Trump's statements on Iran, the rapid rise in gold prices caused the gram of gold to approach 6,800 lira levels, while the volatility in prices led citizens to turn to jewelers once again.
As global markets closely monitor developments in the Middle East, statements by US President Donald Trump regarding negotiations with Iran have caused a shift in market direction. Following Trump's positive messages, gold rose while oil prices declined.
IRAN CONFIRMS THE STATEMENT
Trump stated that negotiations with Iran were progressing positively, and Iran also confirmed these statements. This development strengthened expectations of decreasing tensions in the markets.
SHARP RISE IN GOLD PRICES
After hitting its lowest level in nearly five weeks, the ounce of gold reversed course upward. The ounce gold, which fell to $4,513 yesterday, rose under the influence of developments in the Middle East and was trading at $4,666 as of 10:06 AM local time. The gram of gold also increased along with the rise in ounce gold and movements in the USD/TRY exchange rate. The gram gold rose to 6,786 lira in the same hours, while its price reached up to 6,818 lira in the Grand Bazaar. Following the price volatility, citizens rushed to jewelers.
UPWARD MOVEMENT IN SILVER
The ounce of silver also rose following Trump's statements. After falling to $72.43 yesterday, silver increased to $75.95 in the new day.
OIL PRICES DECLINE
Oil prices, on the other hand, dropped after the statements. The barrel price of Brent crude, which reached $114 yesterday, closed at $110, declining by 3.3%. This morning, Brent crude is trading at $108.27.
INFLATION AND INTEREST RATE EXPECTATIONS AFFECT MARKETS
During the tension in the Middle East, the rise in oil prices has increased global inflation pressure, while expectations that central banks may keep interest rates high have strengthened. This situation continues to exert pressure on gold, which offers no interest yield.
TRUMP'S STATEMENT ON THE STRAIT OF HORMUZ
Trump announced that the military escort mission aimed at accompanying commercial vessels in the Strait of Hormuz has been suspended. This decision was reportedly made in line with progress in negotiations with Iran. Defense Secretary Hegseth's statement that "the ceasefire is ongoing" further increased expectations that tensions in the region are declining.