The uncertainty in the markets also affected gold prices. The price of an ounce of gold fell to the $3,000 limit. Meanwhile, the price of a gram of gold dropped to the level of 3,700 Turkish Liras. Gold prices took a hit from the uncertainty in the global markets. The price of an ounce of gold dropped to around $3,021 during the first trading day of the week. The fear that President of the United States Donald Trump’s trade war could push the global economy into a recession caused a sharp decline in the markets. While the 10 percent tariff imposed by Trump has already taken effect, higher tariffs are expected to be implemented for many countries within this week. Trump emphasized that investors will have to accept the impacts of the tariffs and did not back down from his decision. On the other hand, investors priced in the increasing risk of a recession and expected the Federal Reserve to carry out rapid interest rate cuts from May onwards. Talks about five interest rate cuts of 25 basis points each happening in the USA this year started occurring in the markets. Federal Reserve Chairman Jerome Powell announced on Friday that the Fed will not rush to cut interest rates. Powell expressed that the tariffs are larger than anticipated, so the increase in inflation will likely be higher than expected. Additionally, the most critical data to be watched in the markets this week will be the US inflation rate. The inflation figures for March will be announced on Wednesday, March 10th. In the country, inflation is expected to drop from 3 percent in February to 2.8 percent. As for gold prices, a gram of gold is trading around 3,700 Turkish Liras, while a quarter of a gram is finding buyers at 6,000 liras.