The escalation of trade tensions initiated by US President Donald Trump has raised concerns about global economic growth, propelling gold prices to an all-time high.

The impact of uncertainty in global trade continues to drive demand for safe-haven assets.

The spot price of gold per ounce started the day hitting record highs. Gold rose to $3,283 per ounce, up by 1.62%. Meanwhile, US gold futures reached $3,286.30, marking a 1.4% increase. HOW MUCH FOR A GRAM OF GOLD? Following developments with gold prices in the US, the price of a gram of gold in Turkey is also on the rise. Gold per gram reached up to 4,023 Turkish Lira with a 1.66% increase starting the day. Gold per gram had hit a record high of 4,068 Turkish Lira on March 19, 2025.  It has gained 24% in value since the beginning of the year.

Brian Lan, General Manager of the Singapore-based GoldSilver Central, stated, “As long as uncertainty persists, gold will continue to remain strong.” Gold has gained over 24% in value since the beginning of this year.

ANZ Bank has raised its year-end gold price forecast to $3,600 per ounce, and its six-month forecast to $3,500. Bank analysts emphasized that the flight to safety purchases have not fully begun yet.

US AND CHINA TRADE WAR The “trade war” initiated by US President Donald Trump after taking office in January 2025 with increases in tariff rates continues. It was alleged that China responded to Trump’s 145% tariff on Chinese products with a new retaliation by instructing its airline companies to avoid taking more aircraft deliveries from Boeing than necessary.

CENTRAL BANK’S INTEREST RATE DECISION AWAITED

All eyes are turned towards tomorrow for the release of the Central Bank of the Republic of Turkey’s interest rate decision for April by the Monetary Policy Committee. Economists expect the Turkish Central Bank to keep its policy rate unchanged at 42.5% in April.

The Central Bank had lowered the interest rate from 45% to 42.5% last month.