Oil prices fall in global market, gold price rises

At the start of the week, international oil prices fell significantly while gold prices rose due to increased demand for safe-haven investments. Hopes of some easing in the Middle East situation emerged after US President Donald Trump announced he would refrain from fresh attacks on Iran for now, with talks scheduled for Monday but no deadline set for an agreement . As a result, Brent crude oil prices dropped more than 5 percent to $83.33 per barrel.

Trump's position somewhat eased concerns that inflation and interest rates might rise further. This increased demand for gold as a safe-haven investment. At 4:37am GMT, spot gold prices rose 0.7 percent to $4,068.54 per ounce. At the same time, US gold futures rose 0.9 percent to $4,066.60 .

Meanwhile, Japanese authorities intervened in the foreign exchange market to support the yen, putting pressure on the US dollar. This made dollar-priced gold comparatively cheaper for foreign buyers, supporting the price increase .

Market analysts said while the gold market started the week positively, the potential for a major price increase remains limited due to uncertainty in the Middle East situation and the oil market.

Donald Trump indicated that talks with Iran are scheduled for Monday, but he declined to set a specific deadline for an agreement. Following this announcement, oil prices fell significantly in the international market .

Other precious metals also showed an upward trend. In the spot market, silver rose 1.4 percent to $58.46 per ounce, platinum rose 0.5 percent to $1,650.63, and palladium rose 1.6 percent to $1,293.50.