New record under

Gold rose to an all-time high due to rising geopolitical tensions in the Middle East as well as increasing optimism that the Fed will begin easing monetary policy this year. The new week began with a commodity rally. In the spot market, gold tested a record level at $2,450 per ounce. According to the calculation made with ounce gold and Dollar/TL, gram gold also broke a record at TL2,539. Last week, after data released on Wednesday showed that inflation fell more than expected in April, the US dollar fell and Treasury bonds rose. This situation also supported gold. Gold's safe haven status has come to the fore again, especially following geopolitical developments in the Middle East. The death of Iranian President Ebrahim Raisi in a helicopter crash and the resignation of hawkish Israeli Gantz from the war cabinet have led to increased geopolitical risks. The fact that an oil tanker heading to China was hit by a Houthi missile in the Red Sea on Saturday also pointed to increased geopolitical risks throughout the region. “The gold rally is news-driven because of the uncertainty around what’s happening in Iran. You shouldn’t jump to conclusions based on too little information. Investors are probably reluctant to lose positions given the low liquidity levels in Asia,” said Nicholas Frappell, global head of institutional markets at ABC Refinery. Hedge funds trading Comex futures increased their bullish bets on gold to a three-week high in the week ending May 14, according to the latest data from the Commodity Futures Trading Commission. Other commodities also rallied alongside gold. Silver, palladium and platinum rose. Silver rose to an 11-year high on Friday, partly due to a strong rally in broader physical metals markets, where tight supply has spurred investor demand for commodities such as copper.