The uncertainty in the markets has also affected gold prices. The price of an ounce of gold dropped to the $3,000 mark, while a gram of gold fell to the level of 3,700 Turkish lira. Gold prices have suffered from the uncertainty in global markets. An ounce of gold fell to around $3,021 on the first trading day of the week. The fear that U.S. President Donald Trump’s trade war could push the global economy into a recession caused a sharp drop in the markets. With Trump’s imposition of a 10% tariff in effect, higher tariffs are expected to be implemented this week for many countries. Trump emphasized that investors will have to accept the effects of the tariffs, and did not step back from the tariff decision. On the other hand, investors priced in an increased risk of a recession, predicting that the Federal Reserve would make rapid interest rate cuts starting in May. In the markets, talks of five interest rate cuts of 25 basis points each in the U.S. this year have begun. Federal Reserve Chair Jerome Powell announced on Friday that the Fed would not rush to cut interest rates. Powell stated that the tariffs were larger than expected, leading to a higher-than-expected increase in inflation. Additionally, the most critical piece of data in the markets this week will be U.S. inflation. Inflation figures for March will be released on Wednesday, March 10. Inflation in the country is expected to decrease from 3% in February to 2.8%. As for gold prices, a gram of gold is trading in the range of 3,700 Turkish lira, while a quarter of a gram of gold finds buyers at 6,000 Turkish lira.