The weak outlook for gold prices in global markets deepened further midweek. Despite uncertainties in the Middle East and strong employment data from the US, gold ounce fell to as low as 1,175 dollars in early trading, marking its lowest level since March 23.
As of 06:00 TRT, gold ounce was priced at 1,180 dollars. Thus, the ounce price has declined by approximately 3% throughout 2026.
Gram Gold Hits Lowest Level in 2.5 Months
The decline in the ounce price was also reflected in the domestic market. On the trading day of June 10, 2026, gram gold opened at 6,205 lira and dropped to 6,188 lira in the early part of the day, reaching its lowest level in 2.5 months.
The physical gram gold selling price at the Grand Bazaar was recorded at 6,275 lira in the morning hours. This showed a slight widening of the gap between the spot market and the physical market.
The premium formed on spot gram gold this year also fell to around 4%. Compared to the peak of 7,811 lira seen in January, the decline reached 20%.
Eyes on US Inflation Data
The US inflation data for May, to be announced today, is awaited by the markets. Inflation is expected to rise to 4.2%.
If the data exceeds expectations, the expectation of a rate hike by the FED could strengthen, which may increase pressure on gold prices.
Geopolitical Tensions Also Affect Prices
Another factor influencing gold prices is the rising geopolitical tension in the Middle East despite diplomatic efforts. The fragile ceasefire in the region is reportedly under threat, weakening the demand for safe-haven assets in the markets.
Following Iran’s downing of a US helicopter, the White House’s response has also dampened hopes for an agreement in negotiations. These developments have contributed to increased volatility in gold prices.
