Commodity market tends toward recovery

By Burhan Sansarlioglu

ISTANBUL (AA) - Having shaken off selling pressures, the commodity market tended toward recovery last week.

It showed significant price rises after downward pressures registered weeks earlier.

Last week, gold gained 1.9%, silver 3%, palladium 1.2%, and platinum 1.4%.

Analysts pointed out that aggressive central bank policies and growth-focused concerns remained on the global agenda amid high inflation rates.

US Federal Reserve chair Jerome Powell signaled that a soft landing for the economy would be "challenging," while "safe haven" investments gained popularity.

Base metals also showed signs of recovery with loosening COVID-19 restrictions in China fueling demand.

In the over-the-counter market, copper increased 3.5%, lead 3.8%, aluminum 5.9%, and zinc 5.1%.

The international benchmark Brent oil rose 0.5% and natural gas traded on the New York Mercantile Exchange rose 5.5%.