Gold reached record levels above $3,000 due to global uncertainties. Meanwhile, gram gold changed hands at around 3,700 Turkish Lira. The safe haven demand supported by economic and geopolitical risks continued to drive gold’s trading above $3,000. On the first trading day of the week, gold was trading around $3,020 per ounce. Gold’s price per ounce broke records last week reaching $3,057. Investors are closely watching the peace talks between Russia and Ukraine. Discussions between US and Russian officials are expected to take place this week, with hopes for a peace agreement possibly leading to a relaxation in gold prices.
On the other hand, uncertainties in global trade persist. US President Donald Trump plans to implement new reciprocal tariffs by April 2. The Trump administration signaled some flexibility in additional tariffs. Expectations of an interest rate cut from the Federal Reserve are also affecting market pricing. The Fed kept its policy rate steady last week, but expectations for two interest rate cuts this year have strengthened. When it comes to gram gold, developments in ounce gold and USD/TRY rates play a significant role. Tension increased in the markets following the arrest of Istanbul Mayor Ekrem Imamoğlu in a corruption investigation. Gram gold started the week around the 3,700 Turkish Lira mark, while quarter gold is changing hands near 6,100 Turkish Lira.