Global gold prices declined amid concerns over a trade war. Ons gold, preparing for its biggest loss in three months, dropped to $2,865. Meanwhile, gram gold changed hands at 3,365 liras.

Global markets were shaken by US President Donald Trump’s tariff announcement. President Trump declared that customs duties on Mexico and Canada would be effective as of March 4. Additionally, he stated that an additional 10% tariff would be imposed on China starting from March 4. As trade war concerns strengthened the dollar, gold prices saw a decline. Ons gold traded around $2,865 with a 0.45% decrease. After rising for eight consecutive weeks, gold has fallen by 2.5% since the beginning of the week. Gram gold changed hands at 3,365 liras, while quarter gold was priced at 5,489 liras. Investors will be monitoring the Personal Consumption Expenditures (PCE) data, which is the Federal Reserve’s preferred inflation indicator, to be released later in the day. Following weak economic data recently announced in the US, expectations have emerged that the Federal Reserve (Fed) will cut interest rates at least twice this year, with the first cut expected in June.