Gold prices slip as Middle East tensions press market, Turkish gram gold steadies

On 12 July 2026 Turkish spot gold prices showed mixed movement: gram gold traded around 6 225 TL, quarter gold about 10 090 TL and the on‑exchange spot price of gold hovered near $4 120 per ounce, a slight decline from earlier in the week. The dip was linked to heightened geopolitical risk after renewed U.S.–Iran clashes in the Strait of Hormuz, which lifted oil prices and revived inflation concerns, prompting expectations of a tighter U.S. Federal Reserve stance.

Analysts offered varied outlooks. Metals Focus warned that summer could see gold confined to a narrow band, with a possible break‑out only after the third quarter if Fed‑rate expectations ease. Bernstein raised its 2026 average‑price forecast to $4 533 per ounce, citing continued central‑bank buying and limited upside from U.S. interest‑rate policy. Turkish market commentator İslam Memiş highlighted a short‑term range of 6 200‑6 400 TL for gram gold and projected a year‑end level near 5 000 TL if the market remains stable. A separate calculation noted that a standard pound of gold is worth roughly $60 000 at current spot levels.

Overall, the combination of Middle‑East tension, Fed policy expectations, and seasonal demand patterns kept gold prices range‑bound through the summer, with analysts eyeing a potential rally later in 2026.