03.03.2026 08:51
The fire of the war between the US-Israel and Iran has deepened uncertainty in global markets, directing investors towards safe havens. Spot gold rose by 0.7% in Asian trading on the new day, reaching $5,368 per ounce. Following the attacks on Iran by the US and Israel over the weekend, gold, which had reached its highest level in over four weeks in the previous session, continued its upward trend.
The escalating conflict environment due to airstrikes by the US and Israel on Iran has deepened uncertainty in global markets, directing investors towards safe havens. Gold prices rose for the fifth consecutive trading day.
GOLD AT THE HIGHEST LEVEL IN 4 WEEKS
Spot gold rose to $5,368 per ounce with a 0.7% increase in Asian trading on the new day. Following the US and Israel's attacks on Iran over the weekend, gold, which reached its highest level in over four weeks in the previous session, continued its upward trend. In the US, April futures contracts for gold traded at $5,391.90, up 1.5%.
HOW MUCH IS GRAM GOLD?
As the war continues, the rise in gram gold is also ongoing. Gram gold is trading at 7,590 lira with a 0.7% increase.
GLOBAL OIL FLOW IN DANGER
Iranian media reported that a senior official from the Revolutionary Guards announced the closure of the Strait of Hormuz and warned that ships attempting to pass through this strategic waterway would be fired upon. This statement is considered the clearest and harshest message so far, following Iran's announcement on Saturday that it had closed its export route. A potential disruption in the Strait of Hormuz, through which about one-fifth of global oil flow passes, increases the risk of sharp rises in oil prices.
DOLLAR STRONG BUT RISING WITH GOLD
The dollar index remained close to the peak seen on Monday, which was the highest in over five weeks, due to strong demand and a cautious market atmosphere. Under normal circumstances, a strengthening dollar makes gold, priced in dollars, more expensive for investors holding other currencies, putting pressure on prices. However, during periods of rising geopolitical risks and market volatility, it is observed that investors are turning to both the dollar and gold.
THE LATEST STATUS OF OTHER PRECIOUS METALS
Increased risk appetite has led to a general buying spree in precious metals.
- Spot silver rose to $90.67 per ounce with a 1.4% increase, reaching a four-week high in the previous session.
- Spot platinum increased by 0.6% to $2,316.50.
- Palladium rose by 1.6% to $1,795.08.