Yeliz Akmaca 
As of the morning of March 3, 2026, global markets have once again turned their attention to the Middle East. Following airstrikes carried out by the United States and Israel against Iran, gold prices have extended their rally for a fifth consecutive trading day, while risks around the Strait of Hormuz have begun to influence oil markets. Investors are rapidly shifting toward safe-haven assets. Gold and oil charts are moving in the same direction.
Risk perception across global markets has clearly intensified in recent days. During Asian trading hours, spot gold climbed 0.7 percent to $5,368 per ounce. Prices had already reached their highest level in more than four weeks in the previous session and maintained upward momentum into the new trading day. Meanwhile, U.S. April gold futures rose 1.5 percent to around $5,391.90 per ounce.
How Much Is Gram Gold Today?
The rise in international gold prices has also affected domestic markets in Türkiye. Combined with exchange-rate effects, gold prices in the local market moved upward as well.
As of the morning of March 3, 2026, gram gold is trading around 7,590 Turkish lira, up approximately 0.7 percent. As long as geopolitical risk pricing continues in global markets, volatility in gram gold prices may also persist.
Market analysts note that safe-haven demand could strengthen further if the conflict expands. During periods of uncertainty, gold often becomes one of the first assets investors turn to.
Why Are Gold Prices Rising?
Several key factors are driving the latest surge in gold prices. First, escalating military tensions in the Middle East have significantly increased risk perception in global markets.
Second, investor demand for safe-haven assets has risen sharply. In times of uncertainty, portfolios often shift part of their allocation toward gold.
Another major factor comes from the energy market. Rising oil prices are bringing global inflation concerns back into focus. When inflation expectations increase, gold typically gains demand as a hedge.
Why Are Oil Prices Increasing?
The main driver behind the rise in oil prices is developments around the Strait of Hormuz. According to Iranian media reports, a senior official from the Islamic Revolutionary Guard Corps announced that the strait had been closed and warned that ships attempting to pass through the area could be targeted.
This statement triggered serious concerns in energy markets. Roughly 20 percent of global oil trade passes through this strategic waterway.
While a full disruption has not yet occurred, markets often price potential risks rather than confirmed events. The upward pressure on oil prices reflects exactly this scenario.
What Happens If the Strait of Hormuz Closes?
This is currently the most critical scenario discussed in energy markets. A prolonged closure of the Strait of Hormuz could significantly disrupt global oil supply.
According to experts, such a scenario could lead to rapid and sharp increases in oil prices, as this route is one of the most important transit points for global energy shipments.
For this reason, energy markets are closely watching not only the military developments but also potential disruptions in maritime trade.
Why Isn’t Gold Falling While the Dollar Is Strong?
Under normal market conditions, a stronger U.S. dollar tends to put pressure on gold prices. When the dollar gains value, gold becomes more expensive for investors holding other currencies.
However, this relationship often shifts during geopolitical crises.
The U.S. dollar index has remained near a five-week high, while gold prices have continued to climb at the same time. This suggests a classic safe-haven reaction in financial markets. Investors are moving toward both the dollar and gold simultaneously.
Tim Waterer, Chief Market Analyst at KCM Trade, notes that gold’s rise despite the strong dollar highlights the level of geopolitical risk currently priced into markets. According to him, higher oil prices and potential disruptions in shipments through the Strait of Hormuz could push global inflation concerns back to the forefront.
Trump Signals New Wave of Attacks
U.S. President Donald Trump stated that operations against Iran would continue “for as long as necessary.” He also warned that a new and larger wave of attacks could occur soon, although he did not provide specific operational details.
The conflict is already affecting more than just military dynamics. Civilian casualties have been reported in Iran, Israel, and Lebanon. Global air travel has faced disruptions, and maritime trade in the region has slowed significantly. Shipping activity near the Strait of Hormuz has declined notably.
Other Precious Metals Also Move Higher
Rising geopolitical tensions have not only affected gold but also other precious metals.
Spot silver rose 1.4 percent to $90.67 per ounce, reaching its highest level in four weeks.
Platinum climbed 0.6 percent to $2,316.50, while palladium gained 1.6 percent to $1,795.08.
Global markets will likely focus on three major developments in the coming days: whether the conflict in the Middle East expands, the status of oil shipments through the Strait of Hormuz, and the impact of energy prices on global inflation.
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