The pullback in gold prices from the peak continues. The price of an ounce of gold is trading below $2,900. Meanwhile, a gram of gold is changing hands at 3,378 Turkish lira.

Gold has entered a decline phase due to the appreciation of the dollar and the rising Treasury bond yields.

Today, the price of an ounce of gold dropped by over 1% to $2,882.

A gram of gold is trading at 3,378 Turkish lira. A quarter of gold is being sold at 5,533 lira.

The uncertainties created by the policies pursued by U.S. President Donald Trump and the strengthening dollar index have increased volatility in asset prices. Today, investors’ focus has shifted to the growth and core personal consumption expenditure price index data to be announced in the U.S.

Trump’s messages regarding tariffs continue to keep concerns alive about deepening trade wars. During the first cabinet meeting held at the White House, Trump stated that they would soon announce customs duties for the European Union (EU) and decided to impose a 25% tariff. The announcement of the U.S. gross domestic product (GDP) is expected to have an impact on asset prices. Signals from the personal consumption expenditure price index, which the Fed considers as an inflation indicator, are also expected to influence market pricing related to the bank’s future steps.

Analysts noted that technically, the support level for the price of an ounce of gold is at $2,880, while the resistance level is at $2,910.