Created: March 2, 2026 07:49
Rising geopolitical tensions following attacks on Iran spurred a flight to safety in global markets, driving gold prices sharply higher. Experts are warning of potential volatility in the short term. Market analysts anticipate stabilization by Thursday, emphasizing the importance of monitoring statements from President Trump. New forecasts have also been issued regarding the price of gold and silver.
Attacks on Iran by the U.S. And Israel have increased risk aversion across global financial markets, prompting investors to seek safe-haven assets. The escalating geopolitical tensions are contributing to uncertainty and influencing investment decisions.
Driven by safe-haven demand, spot gold rose sharply at the open, reaching $5,393 per ounce in early trading. As of 10:20 a.m. On March 2, 2026, gold was trading up 2.90% at $5,419 per ounce, compared to Friday’s close. Silver also saw gains, rising 1.82% to $95.60 per ounce during the same period.
GRAM GOLD APPROACHES RECORD LEVELS
The movement in spot gold prices has translated to the domestic market, impacting the price of gram gold. On the morning of March 2, 2026, gram gold was trading at 7,655 Turkish lira, a 2.39% increase from the previous close. In the Grand Bazaar, gram gold was being offered for over 8,000 lira.
“IT WOULD BE BENEFICIAL TO CLOSELY FOLLOW TRUMP”
Gold market experts weighed in on the price action following the Middle East tensions. Kıvanç Manzakoğlu, Portfolio Management Director at Hedef Portföy, stated that the war environment and geopolitical risks are supporting gold by increasing demand for “safe havens.” Manzakoğlu added, “the outlook is upward in the short term. Current developments are further strengthening this trend. The U.S. Being a party to the conflict increases the U.S. Risk premium, potentially leading to outflows from U.S. Assets and a greater search for alternative safe havens, which could further boost demand for gold. Short-term traders should closely follow statements made by U.S. President Trump.”
“A TARGET OF $6,500 IS EMERGING”
Manzakoğlu also addressed oil prices, continuing, “
Meanwhile, risks to the Strait of Hormuz, a critical transit route for global oil supplies, are pushing oil prices higher, increasing energy costs and creating inflationary effects. This, in turn, could raise inflation expectations and further encourage investors to seek gold as a store of value.”
The extent and duration of the conflict will be decisive in terms of pricing. Even in a scenario where the parties reach a quick agreement, we expect spot gold to surpass its current record level and rise above $5,500. Another target we see within the year is $6,500.”
MARKETS ARE EXPECTED TO SETTLE BY THURSDAY
İslam Memiş, a columnist for Hürriyet Gazetesi and a gold market expert, provided commentary on gold prices. “The war that was expected between Iran, America, and Israel has begun, and there is a geopolitical tension that is pricing in the region,” Memiş said.
Memiş noted that during periods of war pricing, both global and domestic markets experience panic buying and selling upon opening. “Volatility may be high on the first trading day of the week. There may be a market facing us with a wide range and uncertainty.”
The gold market expert stated that it will take a day or two for the markets to settle. “Especially those who will buy or sell should make good decisions. Since psychological management is important in such environments.” Memiş continued, “
Of course, we are talking about war, and gold prices naturally rise in war environments. The closure of the Strait of Hormuz will naturally raise oil prices. It should not be surprising if global food prices and inflation figures rise. But these are all temporary processes.”
“The important thing is: how long this war will last, what it will affect, and when these talks will commence. I do not expect this situation to last very long. The markets are expected to settle by Thursday. However, it is inevitable that sales will continue in both global and domestic exchanges in the first stage, exchange rates will stabilize, and gold, silver, and oil prices will rise. However, it would be a wrong application for investors to take a full position.”
FORECAST OF 10,000 LIRA FOR GRAM GOLD
“Psychological management is important here, so it is necessary to stay away from leveraged transactions.” Memiş added, “
Because the markets will open with a wide range of fluctuations, looking for direction. I think it is necessary to pay attention for a day or two, and healthy pricing will actually begin in the markets from Thursday.”
“Even if this war does not happen, we were already maintaining our expectation of an upward trend in gold and silver prices until the first half of the year. Our target remains $6,000 per ounce for spot gold in the first half of the year, and 10,000 lira for gram gold. So, regardless of whether this war happens or not, we were already maintaining our expectation of an upward trend in gold prices due to other factors supporting it.”
“The recent increases in gold and silver prices also present an opportunity for investors looking to buy a home, a car, or needing cash.”
“People can talk about a rise to 150 lira in the gram price of silver and 98 dollars in the ounce price of silver.”
OIL PRICES RETURNED TO A CALM COURSE
Following attacks on Iran by the U.S. And Israel, and Iran’s retaliatory strikes, concerns about the potential closure of the Strait of Hormuz initially sent oil prices soaring at the start of the week, with Brent crude reaching $82.37 a barrel before retracing gains to close up 6% at $77.26.
