Gold Prices Decline at the Start of the Week; Review of Ounce and Coin Rates on June 29, 2026

Global Market Fluctuations and the Fall of the Ounce In Monday's trading on June 29, 2026, the global gold market faced selling pressure. The spot price of gold fell by approximately 1.08% to reach $4,062 per ounce [3]. This comes as gold has lost more than 10% of its value since the beginning of June, putting it on track for its fourth consecutive monthly decline [3]. Analysts believe that the ounce's breach of the $4,000 support level in previous months has now placed the market in a deep corrective phase [2].

Price Status in Regional Markets and Turkey According to reports from local media, including "Ege Telgraf," gold prices in the Turkish market also declined in line with global markets. On the morning of June 29, 18-karat gold was traded at approximately 6,099 Lira per gram in the country [1]. The rates for other coins were announced as follows: - Quarter Coin: 10,139 Lira - Half Coin: 20,235 Lira - Full Coin: 40,294 Lira [4]. This price drop occurs while physical demand in Asian markets has decreased due to the jewelry off-season [2].

Economic Drivers: From Oil Tensions to the Federal Reserve One of the main drivers of the gold price decline on this day is the increased likelihood of interest rate hikes by the U.S. Federal Reserve. With "Kevin Warsh" as the new Chair of the Federal Reserve, markets expect more aggressive contractionary policies [2]. Additionally, recent tensions between the United States and Iran in the Strait of Hormuz have led to an increase in oil prices. Rising energy costs could lead to sustained inflation, resulting in central banks keeping interest rates higher for longer; a factor that reduces the attractiveness of gold as a non-yielding asset [3].

Reflection in the Iranian Domestic Market In the Iranian market, despite the decline in the global ounce, prices faced resistance due to exchange rate fluctuations. At noon on Monday, June 29, 2026, each gram of 18-karat gold in the Tehran market was priced at approximately 17,128,000 Tomans [3]. However, experts warn that if the global ounce continues to fall below the $4,000 mark, the possibility of a price correction in the domestic market will strengthen [3]. Investors are now waiting for the release of the U.S. non-farm payrolls report later this week to determine a clearer market direction.