28.03.2026 12:50
Gold prices, which started to decline last week, have risen again due to escalating tensions in the Middle East and increasing demand. While the price of gold per gram has surpassed 6,400 TL, a major bank has issued a new record forecast.
The gold market showed a strong recovery on the last trading day of the week following a sharp decline at the beginning of the week. With the influence of global developments, gold rose, restoring confidence among investors.
RAPID RECOVERY IN GOLD OUNCES
Spot gold, which saw its lowest level in the last four months at $4,097.99 at the beginning of the week, rose by 2.55% to $4,493 on Friday. The testing of the $4,555 level during the day indicated that upward movement in the market gained strength.
CONTINUED RISE IN GRAM GOLD
The increase in gold ounces was reflected in domestic markets as well. Gram gold gained 2.74% on the last trading day of the week, rising to 6,418 lira.
MIDDLE EAST TENSION IS INFLUENTIAL
The escalation of conflicts into the fourth week in the Middle East and the spread of tension across the region increased uncertainty in global markets. Despite U.S. President Donald Trump extending the deadline for Iran to open the Strait of Hormuz, it was noteworthy that oil prices remained above $110. Rising energy and fertilizer costs increased inflationary pressure in the global economy.
INTEREST RATE EXPECTATIONS AFFECT THE MARKET
Rising inflation expectations have raised the possibility that the U.S. Federal Reserve may shift from interest rate cuts to rate hikes. This situation was considered a factor that could put pressure on gold, which does not yield interest.
MAJOR BANK RAISES EXPECTATIONS
Commerzbank raised its year-end gold price expectation from $4,900 to $5,000. The bank stated that the recent decline is temporary and maintained its positive outlook for the gold market. It was also mentioned that the war in Iran could end in the spring, which could limit interest rate hike expectations. Accordingly, it was predicted that the Fed might return to interest rate cuts in the coming period, making a total of 75 basis points of cuts by mid-next year.
INCREASES OBSERVED IN OTHER PRECIOUS METALS
With the rise in gold, increases were also seen in other precious metals. Silver rose by 2.41% to $69.74, platinum increased by 1.86% to $1,871, and palladium gained 1.41% to reach $1,395.
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