Concerns over a global trade war led to a decline in gold prices. Ons gold, gearing up for its biggest loss in three months, fell to $2,865. Meanwhile, gram gold changed hands at 3,365 Turkish Lira.

Global markets were shaken by US President Donald Trump’s tariff announcement.

President Trump declared that customs duties on Mexico and Canada would come into effect as of March 4. He also stated that an additional 10% customs duty would be imposed on China starting from March 4. As trade war concerns heightened, the dollar strengthened, and gold declined. Ons gold traded around $2,865 with a 0.45% decrease. Gold, which had been rising for eight consecutive weeks, dropped by 2.5% since the beginning of the week. Gram gold changed hands at 3,365 Turkish Lira. Meanwhile, the quarter gold was priced at 5,489 Turkish Lira. Investors will be monitoring the personal consumption expenditures (PCE) data, which is the inflation indicator preferred by the Fed, to be released later in the day. Following weak economic data recently announced in the US, the market has started pricing in at least two interest rate cuts by the US Federal Reserve (Fed) this year. The first rate cut is expected to take place in June.