【Gold Price Trend】Gold prices recover some losses, Trump delays deadline for reaching an agreement with Iran again, Turkey's central bank sells over $8 billion worth of gold, intensifying downward pressure on gold prices

Gold prices rebounded on Friday. After U.S. President Trump once again delayed the deadline to reach an agreement with Iran to end Middle East conflicts, gold prices recovered some of their losses. The spot gold price is currently at $4,418, up 1%, and the New York futures gold is at $4,432, up 0.5%.

Trump’s latest pledge to cease attacks on Iran’s energy facilities within the next 10 days has provided a brief respite for the market. Previously, concerns over a ceasefire agreement led to nearly a 3% decline in gold prices in the last trading session.

According to data from Caijing Shoujin, at 9:30 AM Hong Kong time on Friday (27th), the bank’s 999.9 gold price closed at HKD 40,000 per tael, down from HKD 50,000 at the high point in late January, a decrease of HKD 10,000 or 20%.

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Additionally, within two weeks of the outbreak of the Iran conflict, the Turkish central bank sold and swapped approximately 60 tons of gold, worth over $8 billion, which added downward pressure on gold prices. According to the latest data released by the central bank, Turkey’s gold reserves decreased by 6 tons in the week of March 13, and another 52.4 tons in the week of March 20, indicating a sharp reduction in reserves. Sources familiar with the matter revealed that part of this was due to direct sales, while most were through swap agreements to acquire foreign exchange or lira.

Over the past few years, continuous central bank gold accumulation has been a key support for rising gold prices.

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