Gold has crossed another threshold

Gold continues to rise due to the concerns created by Russia's invasion operation against Ukraine. Above $2,000 was tested in the first futures of the new week. Gold prices had increased by more than 4 percent last week due to the increasing geopolitical tension in the market. The rising inflation expectations of investors, along with the safe harbor purchases due to the war, also supported gold. In terms of the inflation outlook, the most critical topic of the week was the news that the USA and its allies are planning an embargo on Russian oil. With the effect of this news, Brent oil approached $140.

Embargo statement from Blinken

US Secretary of State Antony Blinken announced that they are discussing with their European allies how to stop oil imports from Russia. Blinken, who participated in the "Meet the Press" program broadcast on the American NBC channel, said that they discussed the ban on oil imports from Russia on days when energy prices increased. Blinken said, "We are actively discussing with our European partners the prohibition of Russia's oil sales to our countries. But we are also discussing the issue of maintaining a stable global oil supply."