After a period of heavy decline in June 2026, the gold market faced a sudden reversal at the beginning of July. Weak US employment data has once again driven investors toward this safe haven.
Gold Returns to Bullish Orbit in July 2026
According to reports published in reputable economic media, including 'N Gazete', the gold market, which faced heavy selling pressure last month, is now experiencing a shift in wind direction [1]. After the global ounce price fell below the psychological level of $4000 in late June, we witnessed a strong return of buyers on July 3, 2026. This price jump caused the global gold ounce to reach the $4186 level, a 1.55% increase compared to the previous day [3].
US Employment Data Shock and Dollar Weakening
The main driver of this sudden trend reversal was the release of the weak 'Non-Farm Payrolls' (NFP) report on Thursday. The US economy created only 57,000 new jobs in June, significantly lower than the analysts' forecast of 110,000 [2]. This disappointing data led to a sharp decline in expectations for interest rate hikes by the Federal Reserve. As a result, the dollar index weakened and bond yields fell, directly leading to increased demand for non-yielding assets like gold [2].
Domestic Market Status and New Prices
In the domestic market of Turkey and the region, this global jump was immediately reflected. Field reports indicate that the price of per gram of gold in the free market has crossed the 6250 Lira mark, and the price of a full (quarter) gold coin has reached over 10,200 Lira [1]. Experts believe that the combination of currency fluctuations and the increase in the global ounce price has started a new rally in regional markets that could continue until the end of the summer season.
Expert Outlook for the Second Half of 2026
Despite severe fluctuations in the first half of 2026, major financial institutions remain optimistic about the future of gold. J.P. Morgan predicted in its latest report that the gold price could reach the $6000 per ounce mark by the end of 2026 [2]. Furthermore, World Gold Council data shows that central banks, particularly in Poland and China, continue strategic gold purchases, which has created a strong support level for prices [4]. Given current conditions, technical analysts believe that if gold can decisively break through the $4200 resistance level, the path will be cleared for reaching new historical records [2].
Gold prices returning to a bullish trend after weak US economic data (July 2026).
linkSources
- Altında Rüzgar Tersine Döndü — N Gazete (2026-07-02)
- Gold Bounces Back Above $4,100 After Weak US NFP Report — Mitrade (2026-07-03)
- Gold Price Forecast and Historical Data — Trading Economics (2026-07-03)
- Gold Mid-Year Outlook 2026: Point break — World Gold Council (2026-07-01)
