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

Gold has started to decline due to the appreciation of the dollar and rising Treasury bond yields.

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

The price of a gram of gold is currently at 3,378 Turkish lira. A quarter of a gold coin is being sold for 5,533 Turkish lira.

Uncertainties created by the policies pursued by US President Donald Trump and the strengthening dollar index have increased volatility in asset prices. Today, investors are focusing on the growth and core personal consumption expenditure price index data to be announced in the US.

Trump’s messages regarding tariffs continue to keep concerns alive about deepening trade wars. During his first cabinet meeting at the White House, Trump announced that they have decided to impose a 25% tariff on the European Union’s (EU) customs duties soon. The announcement of the US 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 gauge, are also expected to affect pricing related to the bank’s future steps.

Analysts have noted that from a technical perspective, the $2,880 level serves as a support and $2,910 level as a resistance in the price of an ounce of gold.