Quick overview

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Gold posted huge buying pressures amid the ongoing situation between Iran and Israel.

 

The precious metal increased by 1.6 percent at the last trading session of this week. Iran threatened to retaliate “harshly” against the US and Israel. The precious metal is currently about $50 below its peak of $3,500.10 an ounce, set in April. Gold has surged 30% this year amid growing concerns about President Donald Trump’s assertive trade policies and geopolitical tensions, including those in Ukraine.

The operation “will continue for as many days as it takes to remove this threat,” according to Israeli Prime Minister Benjamin Netanyahu. Hossein Salami, the leader of the Islamic Revolutionary Guard Corps, was reported killed, according to Iranian state television.

The operation “will continue for as many days as it takes to remove this threat,” according to Prime Minister Benjamin Netanyahu.

A military official stated that Israel believes it killed at least a few nuclear scientists and high-ranking Iranian generals in the attacks. Hossein Salami, the commander of the Islamic Revolutionary Guard Corps, was reported to be among the deceased, according to Iranian state television.

Dozens of Israeli aircraft participated in the initial round of strikes on Iranian nuclear sites and numerous military targets early Friday morning. An Iranian official responded that “the response to the Israeli attack will be harsh and decisive” and that the details of Iran’s retaliation “are being discussed at the highest levels” when asked if the Israeli attack would occur soon.

An initial round of strikes on dozens of Iranian nuclear sites and military targets was conducted early Friday morning by multiple Israeli aircraft. Alarm sirens have been activated to prepare the public for potential Iranian ballistic missile counterattacks on Israel. Since the first wave of attacks, the IDF has not ceased operations.

According to Prime Minister Benjamin Netanyahu, Iran is preparing to produce tens of thousands of ballistic missiles that, even without nuclear warheads, could kill millions of Israelis.

Strong US jobs and inflation data fueled speculation that the Fed would cut interest rates later this year, and this momentum continued a two-day gain. A  report released on Thursday revealed that recurring applications for unemployment benefits increased to their highest level since the end of 2021, while another report indicated that US producer price inflation remained modest in May.

Negotiators from the US and Iran are set to meet in Oman on Sunday to discuss Tehran’s nuclear program, but Trump stated this week that he is less optimistic about the likelihood of a deal.