Geopolitical tensions drove a surge in gold prices on March 1, 2026, with the price of gold in the Kapalıçarşı (Grand Bazaar) exceeding 7,900 Turkish lira despite the weekend closure of markets. The escalating situation has also impacted banking systems, widening the gap between buying and selling prices for gold as increased geopolitical risk creates market uncertainty.
The increased volatility and uncertainty have led market actors to expand price ranges to avoid potential losses, a similar pattern observed in 2023 with the Turkish lira’s exchange rate. During that period, the spread between buying and selling rates for foreign currency exceeded 1 lira, according to reports. Analysts anticipate that continued escalation of geopolitical developments related to the U.S. And Iran will be a key driver of gold prices in the coming days.
Gold investors also experienced a historic milestone, with the price of an ounce of gold completing February at $5,280 and achieving a 9% increase. This marked the first time in 53 years that gold has delivered gains for seven consecutive months. The performance underscores investors’ continued interest in gold as a safe-haven asset during periods of global instability.
According to data from the Iranian market updated on Monday, March 2, 2026, at 07:42 UTC+3:30, 24-karat gold (Mesgal) was trading at 966,000,000 IRR, up 3.57%. 18-karat gram gold was at 223,002,000 IRR, also up 3.57%. Full gold (Imami) was trading at 2,100,000,000 IRR, down 0.21%, while Bahar Azadi gold was at 2,050,000,000 IRR, down 2.59%. Half gold was trading at 1,100,000,000 IRR, up 4.41%, and quarter gold at 600,000,000 IRR, up 13.63%. Gremse gold experienced a significant drop, trading at 183,800,000 IRR, down 97.94%.
The “balloon” price for gold and jewelry, which represents the difference between the international market price and the selling price in Iran, is influenced by supply and demand dynamics. Further information on calculating this price differential can be found here. Meanwhile, the price of an ounce of gold (XAU) was $5,366.25, and an ounce of silver (XAG) was $94.42.
Recent developments, including attacks on Iran and retaliatory ballistic missile launches, have triggered a flight to safety in global markets. In Turkey, the price of gold in the Kapalıçarşı surpassed 8,000 TL on February 28, 2026, reaching a sales price of 8,017 TL. The price of silver also saw upward momentum, with the gram reaching 151 TL, as reported here and here. The price of a quarter gold coin rose to 13,89 TL, half gold to 26,162 TL, and full gold to 52,77 TL, while gremse gold reached 130,93 TL.
