Gold prices broke records due to the impact of tension in global trade. The price of an ounce of gold surpassed $3,200, while the price of a gram of gold approached its peak of 4,000 Turkish Lira.

The escalating economic tension between the U.S. and China resulted in record-breaking gold prices. Gold prices surpassed $3,200 per ounce on the last trading day of the week. The U.S. increased customs duties on goods imported from China from 125% to 145%. This triggered concerns about the potential economic impacts of the intensifying trade dispute between the two major economies.

The uncertainties regarding customs duties increased the demand for safe-haven assets. Inflation Overshadowed The tariff dispute between the two major economies overshadowed the U.S.’s decision to delay for 90 days and the better-than-expected inflation data. Consumer prices in the U.S. came in below expectations with an annual inflation rate of 2.4% in March. In the country, inflation also decreased for the first time since May 2020 on a monthly basis. Following the inflation data, expectations for an interest rate cut from the Federal Reserve (Fed) increased. Investors raised their expectations of an interest rate cut to 1% by the end of the year. Analysts noted that customs tariffs had an upward impact on inflation risks. HOW MUCH IS A GRAM OF GOLD? In line with the rise in the price of an ounce of gold, a gram of gold reached 3,946 Turkish Lira. A quarter of a gram of gold also exceeded 4,420 Turkish Lira.