Gold started the new week near record levels. The yellow metal found support from geopolitical tensions, trade wars, and increasing economic uncertainties. Gold prices kicked off the week close to peak levels. The price of an ounce of gold traded positively on the first business day of the week. Starting the day around $2,935, the price of an ounce of gold rose to $2,944 in the morning hours. Gold has shown a 12% increase since the beginning of the year. In the local market, the price of a gram of gold has risen by 15% in the last 50 days. The rise in gold was driven by strong safe-haven demand. Concerns surrounding US President Donald Trump’s plans to escalate global trade tensions with tariff increases supported the precious metal. A gram of gold started the week around 3,446 Turkish lira. A quarter of a gold coin changed hands at 5,664 lira. Last week, data from the US revealed a slowdown in business activities and a decrease in consumer confidence. Investors will be monitoring the personal consumption expenditures index (PCE) as an inflation gauge used by the Federal Reserve this week. This critical data will be released on Friday and provide clues about the Fed’s monetary policy.