Gold hits record high in Grand Bazaar
Rising tensions between Israel and Iran have driven investors toward gold, a safe haven. In the Grand Bazaar, gram gold reached 4,400 TL, setting a new record.
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The tension between Israel and Iran in the Middle East has caused gold and oil prices to rise. Following Israel's attack on the Natanz nuclear facility, it was acknowledged that there was a radiation leak from Iran. These developments increased the demand for gold, which investors view as a safe haven.
US President Donald Trump's statements of support for Israel also had an impact on the markets. While ounce gold reached 3,446 dollars, gram gold was traded at 4,363 liras in the free market.
With the escalation of tension in the evening hours, gram gold rose to 4,400 liras in the Grand Bazaar.
EFFECTS OF THE TENSION IN THE MIDDLE EAST
Israel's attacks and the news from Iran's nuclear facilities have led to fluctuations in the markets. Gold prices showed an increase of approximately 1.85 percent during the day. Oil prices also continue their high course at the 74-75 dollar levels.
These developments increase investors' search for safe havens while also bringing with them uncertainties regarding the future course of gold and oil prices.