Uncertainty in the markets continued to impact gold prices. The price of an ounce of gold dropped to the $3,000 mark, while the price of a gram of gold reached the level of 3,700 Turkish Lira. Gold prices were affected by the uncertainty in global markets. The price of an ounce of gold fell to around $3,021 on the first trading day of the week. The fear that U.S. President Donald Trump’s trade war could push the global economy into a recession caused a sharp decline in the markets. As a 10% tariff implemented by Trump, higher tariffs are expected to be applied for many countries within this week. Trump emphasized that investors would need to accept the impact of tariffs and did not step back from the tariff decision. On the other hand, investors priced in an increasing risk of recession, expecting the Federal Reserve (Fed) to make rapid interest rate cuts starting from May. Talks of five interest rate cuts of 25 basis points each in the U.S. this year began circulating in the markets. Fed Chair Jerome Powell announced on Friday that the Fed would not rush to cut rates. Powell noted that the tariffs were larger than expected, and therefore, the increase in inflation would be higher than estimates. Additionally, the most critical data in the markets this week will be the U.S. inflation. Inflation figures for March will be announced on Wednesday, March 10. Inflation in the country will decrease from 3% in February to 2.8%. How many Turkish Lira is a gram of gold trading at? A gram of gold is trading in the 3,700 Turkish Lira range, while a quarter of gold finds buyers at 6,000 Turkish Lira.