Gold Prices Soar on Weakening Dollar and Falling Oil

The global gold market has seen three consecutive days of gains, driven by a weakening dollar and declining oil prices. Spot gold reached $4,127 per ounce, while gram gold in the domestic market rose to 6,324 Turkish Liras.

The recent drop in oil prices is indirectly supporting gold prices, as falling energy costs ease global inflation pressure. Additionally, weakening expectations for interest rate hikes by central banks are strengthening gold's safe-haven demand.

Diplomatic developments between the US and Iran are also influencing market pricing. Negotiations on the Strait of Hormuz have been ongoing, with Qatar mediating between the two nations.