Extension of Ceasefire Rocks Markets: Gold, Silver, and Stocks Soar

News of the extension of the ceasefire between the US and Iran sent markets into a frenzy. The Istanbul Stock Exchange saw a surge in buying, with the BIST rising by around 1.5% to 13,905 points. Gold prices also rose, reaching a daily high of 6,791 lira. Silver prices also jumped following the news of the ceasefire. The price of an ounce of silver rose by around 3% to $66.79, while the price of a gram of silver rose to 102.5 lira. Oil prices, on the other hand, fell. The price of Brent oil, which Turkey uses, dropped to $86.96, while WTI oil fell to $81.44, a decline of around 1%. The dollar exchange rate, meanwhile, remained focused on US inflation data and was trading at 47,7500 lira, unchanged from previous levels. The markets are now focused on how long the ceasefire will be extended. Although a date for the extension has not been announced, markets have already begun to react.