ISTANBUL, June 13 (Xinhua) -- Türkiye's financial markets came under renewed pressure on Friday as escalating tensions in the Middle East, triggered by Israeli airstrikes on Tehran, rattled investor confidence and sent shockwaves through stocks, currencies, and commodities.
The benchmark BIST-100 index on the Borsa Istanbul tumbled 3.71 percent at the open to 9,166 points and extended losses during the session, falling to 9,065 points, with transportation and communication shares leading the decline amid broad-based selling.
Rising geopolitical risk pushed investors toward safe-haven assets, driving gold prices to record highs. The price of 1 gram of gold in Türkiye climbed to 4,373 liras (110.9 U.S. dollars) in early trade, up from 4,283 liras the previous day.
Islam Memis, a market analyst specializing in gold and foreign exchange, said on social media platform X that gold typically surges at the onset of geopolitical crises, corrects slightly, but continues its upward trend. He said the current rally is likely to persist until tensions between Iran and Israel ease.
In currency markets, the Turkish lira weakened further against the U.S. dollar. After touching 39.77, the dollar traded at 39.42 lira by 12:40 p.m. local time (0940 GMT), compared to 39.35 late on Thursday.
Market participants remained on edge as regional uncertainty clouded the economic outlook, fueling concerns over Türkiye's inflation trajectory, external balances, and investor risk appetite. ■
