Turkey gold prices fall as US‑Iran tensions lift dollar

Turkish gold markets saw a decline in early July 2026. On 8 July, gram gold was quoted at 6,220 TL, quarter gold at 10,237 TL and the Cumhuriyet gold at 40,700 TL. By 9 July the gram price slipped to around 6,135 TL, and on 10 July it traded near 6,210 TL. The kilogram price fell 2.2 % to 6,140,200 TL, with daily trading volume of 1,231.81 kg worth roughly 7.57 billion TL. The downturn coincided with heightened geopolitical risk after a U.S. air strike against Iran and rising oil prices, which strengthened the U.S. dollar. Analysts linked the stronger dollar and rising inflation expectations to the Fed’s likely rate hikes, adding downward pressure on spot gold. Despite the price drop, demand for gold in China remained robust, and Hong Kong considered yuan‑denominated gold futures. Silver also moved higher, with the ons price at 2,824 TL on 10 July. The combined effect of U.S.‑Iran tensions, a firmer dollar and central‑bank policy expectations drove the recent dip in Turkish gold prices.