Gold prices in global markets sharply retreated, with the ounce of gold losing 4.41% in yesterday's trading to close at 4,072 dollars. This morning, the ounce dropped to 4,024 dollars, testing its lowest level since November 2025.
Although the ounce price attempted some recovery through buying interest, it was trading at 4,070 dollars as of 06:00 TRT, maintaining the weak outlook into the new day.
Sharp Loss in Gram Gold
The decline in the ounce price pulled down the gram gold price in the domestic market as well. On the spot market, the June 11, 2026 gram gold started the day at 6,040 lira.
Yesterday, gram gold lost 4.47%, breaking below its 200-day moving average at 6,200 lira. The intraday low reportedly reached as low as 5,965 lira.
In the Grand Bazaar, physical gram gold was sold at 6,125 lira in the morning hours, while quarter gold was sold at 10,025 lira. Thus, gram gold approached the 5,963 lira level where it closed last year.
US Data and Fed Expectations Weigh on Prices
The recent pullback in gold was influenced by the US May CPI data. Inflation rising to 4.2% in line with expectations weakened the possibility of a Fed rate cut.
The market beginning to price in a rate hike in December strengthened the dollar. The dollar index hovering near 100 increased pressure on gold, which does not yield interest.
Middle East Tensions Support Prices but Do Not Halt Decline
Rising tensions in the Middle East kept oil prices high but could not fully offset the selling pressure on gold. The US launching a new attack on Iran and weakening hopes for an agreement that could include the Strait of Hormuz increased concerns that high inflation and high interest rate risks may persist longer.
Analysts warn that if the support zone between 4,000 and 4,100 dollars breaks downward, the ounce price could fall to 3,800 dollars. The recent decline also put renewed pressure on the previous low of 4,099 dollars tested in March.
The sharp movement in gold has erased the gains accumulated since the beginning of the year. With the recent declines, gram gold appears to have given back all its gains for the year.
