Gold started the new week near record levels. The yellow metal found support from geopolitical tensions, trade wars, and increasing economic uncertainties. Meanwhile, gram gold set a new record at 3,457 Turkish lira.

Gold prices kicked off the week near the peak. The ounce of gold showed positive movements on the first trading day of the week. Starting around $2,935 in the morning, the ounce of gold climbed up to $2,948. Since the beginning of the year, gold prices have increased by 12%. On the domestic market, gram gold has risen by 15% in the last 50 days.

On the first trading day of the week, gram gold broke a record at 3,457 Turkish lira. Quarter gold changed hands at 5,664 lira. The rise in gold prices was aided by strong safe-haven demand. Concerns over US President Donald Trump’s plans to escalate global trade tensions with tariff proposals supported the valuable metal. Data from the US last week revealed a slowdown in business activities and a decrease in consumer confidence. This week, investors will be monitoring the Personal Consumption Expenditures (PCE) index, which is a key inflation indicator for the Federal Reserve. The critical data will be released on Friday, providing insight into the Fed’s monetary policy.