Trump's moves on Russia affected markets and gold prices

US President Donald Trump's suspension of sanctions and tariffs against Russia and OPEC's downward revision of its demand forecast pulled oil prices down in global markets while positively impacting gold prices.

Brent crude oil began to decline after US President Donald Trump suspended certain sanctions and tariffs against Russia, strengthening expectations that Russian fuel exports could increase. Oil, which hit its highest level since May 19 at $109.8 on Friday, started the week down 2.2 percent at $107.3 and traded down 1.57 percent at $108.1 in the evening hours. The Organization of the Petroleum Exporting Countries (OPEC) lowering its forecast for global oil demand growth also increased downward pressure on prices. Technically, it is stated that $109.60 can be monitored as a resistance level and $107.18 as a support region for Brent crude.

Gold, on the other hand, started the week with an increase due to expectations that the drop in oil prices could ease inflationary pressures. Spot gold rose as high as $4,188 during the day before retreating to $4,151 in the final hours of the day. Gram gold, starting the first trading day of the week with buyers, was trading at 6,555 liras, up 0.4 percent compared to the previous close as of 09:30 yesterday, and found buyers at 6,608 liras at the Grand Bazaar by the end of the day.