Starting the new week, gold is close to reaching a record level. Driven by geopolitical tensions, trade wars, and increasing economic uncertainties, the yellow metal found support. Meanwhile, the price of a gram of gold hit a new record at 3,457 Turkish Liras.

Gold prices kicked off the week near their peak. The price of an ounce of gold saw positive trading during the first business day of the week. Starting around $2,935 in the morning, the price of gold rose to $2,948. Since the beginning of the year, gold has shown a 12% increase, while domestically, the price of a gram of gold has risen by 15% in the last 50 days.

Gram gold broke a record at 3,457 Turkish Liras on the first trading day of the week, while a quarter of a gold coin changed hands at 5,664 Turkish Liras. The rise in gold prices was mainly influenced by strong safe-haven demand. Concerns over U.S. President Donald Trump’s tariff plans that could escalate global trade tensions also supported the precious metal. Data from the U.S. last week indicated a slowdown in economic activities and a decrease in consumer confidence in the country. This week, investors will be closely monitoring the Personal Consumption Expenditures Index (PCE), which the Federal Reserve uses as an inflation indicator. The critical data will be released on Friday, giving clues regarding the Fed’s monetary policy.