The safe haven gold greeted the new week with a sharp decline.

Precious metal had gained upward momentum with the escalation of the war between Russia and Ukraine in the north of the Black Sea. A pullback is observed in gold, which had reached a peak with this risk appetite for nearly two years. Gold prices have decreased by 1.65%.

The strong performance of the dollar has put pressure on gold prices, leading to a decline.

SPOT GOLD

Spot gold started the week at $2710. During the day, it saw a low of $2659 and a high of $2721. Currently, spot gold is trading at $2675.

GRAM GOLD

Gram gold started the day at 3004 lira. During the day, it reached a low of 2953 lira and a high of 3020 lira. Currently, it is finding buyers at 2965 lira. The decline is over 1%.

GRAM GOLD IN GRAND BAZAAR

In the Grand Bazaar, gram gold is being bought at 3072 lira and sold at 3108 lira. Russian President Vladimir Putin stated that after targeting Ukraine in retaliation for Kiev's use of American and British-made weapons on Russian territory, his forces could use new missiles again.

The precious metal has gained approximately 30% in value this year, supported by central bank purchases, increasing demand for safe havens, and the Fed's easing cycle.

On the other hand, Goldman Sachs Group Inc. and UBS Group AG announced last week that they expect gold to continue its rise next year.

The market is awaiting a series of data this week that could provide insights into the Fed's possible interest rate path. This includes the central bank's meeting minutes from November, consumer confidence, and personal consumption expenditure data.