10.05.2026 21:06
In commodity markets, sharp price movements occurred due to expectations of peace in the Middle East and a weakening dollar. As the likelihood of peace in the region strengthened, demand for safe-haven gold increased, with the spot price rising by 2.2 percent. As of May 10, 2026, gram gold reached levels of 6,875 Turkish Lira. Meanwhile, in the oil market, a sharp decline was recorded as geopolitical risks decreased, with Brent oil falling to the $101 per barrel band.
Last week, pricing in the commodity market was shaped by US employment data indicating resilience in the labor market, expectations of an agreement to end the war between the US and Iran, a decrease in the risk premium related to energy shipments through the Strait of Hormuz, a weakening dollar index, and product-specific supply-demand developments.
Optimism about achieving lasting peace in the Middle East reduced the war premium in energy prices, while the retreat in oil prices strengthened expectations that global inflation pressures could ease.
GOLD ROSE
Precious metals saw movement due to these developments. Last week, the ounce price of gold rose by 2.2%, silver gained 6.5%, and platinum increased by 3.6%. Palladium, however, fell by 2.3%.
As of May 10, 2026, gold was trading at $4,726 per ounce, while gram gold was at 6,875 Turkish Lira. Experts noted that the weakening dollar index also supported gold and other precious metals.
SHARP DROP IN OIL
Brent crude lost value over the past week, with expectations of a possible agreement between the US and Iran and a return to normal oil shipments through the Strait of Hormuz driving the decline. The reduced risk of war and supply disruption led to a reversal of the geopolitical risk premium in oil prices.
Analysts stated that oil prices fluctuated with news flow regarding US-Iran talks, and the possibility of diplomatic progress increased downward pressure on prices. On a weekly basis, the price of Brent crude fell by 8.1%, while the price of natural gas in British thermal units (MMBtu) rose by 0.3%.
As of May 10, 2026, Brent crude oil was trading around $101. Analysts noted that the reduced risk of war and supply disruption reversed the geopolitical risk premium in oil prices.
US DATA ALSO HAD AN IMPACT
Non-farm payroll data released in the US was also closely followed in commodity markets. In April, non-farm payrolls increased by 115,000, while the unemployment rate remained steady at 4.3%. Average hourly earnings falling below expectations did not completely eliminate the possibility of a Federal Reserve (Fed) interest rate cut.
According to experts, both geopolitical developments and economic data from the US will continue to be decisive in pricing in gold and commodity markets in the coming period.