Israel cancels Palestinian bank waiver, and Syrian swimwear directives
Israeli and Palestinian banks are no longer able to work together. A new Syrian dress code is drawing mixed reactions. The US and China say they have agreed to a plan for de-escalating trade tensions. On today's episode of Trending Middle East: Bezalel Smotrich blocks Israeli and Palestinian banks from working together Syria tells women to dress modestly on public beaches A fragile truce reached during US-China trade talks This episode features Mina Aldroubi, Senior Foreign Reporter; and Manus Cranny, Geo-Economics Editor. Editor's Note: We want to hear from you! Help us improve our podcasts by taking our 2-minute listener survey. Click here.
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Khaleej Times
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- Khaleej Times
Gold prices hit 1-month high as Middle East tensions spur safe-haven demand
Gold prices climbed on Friday to their highest point in more than a month, on track for a weekly gain, as investors sought safe-haven assets after Israel's strike on Iran heightened Middle East tensions. Spot gold was up 1.3% at $3,428.28 an ounce, as of 0134 GMT, after hitting its highest level since May 7 earlier in the session. Bullion has gained more than 3.5% so far this week. U.S. gold futures gained 1.4% to $3,449.60. Geopolitical tensions escalated after Israel struck Iran as tensions mounted over US efforts to halt Iran's production of atomic bomb materials. "This latest spike in hostilities in the Middle East has taken the focus off trade negotiations for now, with investors making a play towards safe-haven assets in response," said Tim Waterer, chief market analyst at KCM Trade. Israel declared a state of emergency, citing expected missile and drone attacks from Tehran, and the U.S. military is preparing for various contingencies in the Middle East, including potential assistance with evacuating American civilians, a U.S. official told Reuters on condition of anonymity. "Gold surged past resistance around the $3400 on news of the airstrikes, and further upside could be in-store should the escalation continue," Waterer said. Signaling a cooling U.S. labor market and subdued inflation pressures, the number of Americans filing new applications for unemployment benefits held at an eight-month high last week, while slowing domestic demand helped to restrain producer prices in May. The data released a day after the Labor Department reported a moderate rise in consumer prices in May, bolstered expectations of an earlier rate cut. Traders are now expecting a 55-basis-point rate cut by the year-end, starting in September rather than October as previously anticipated. Elsewhere, spot silver edged down 0.1% at $36.33 per ounce, platinum fell 0.8% to $1,285.21, while palladium was steady at $1,055.21. All three metals were headed for weekly gain.
Zawya
an hour ago
- Zawya
Dollar and other safe havens rise as Israel strikes Iran
The U.S. dollar rallied alongside the safe-haven Japanese yen and Swiss franc, with currency markets abruptly reversing direction on news Israel had launched strikes on Iran. Israel has begun carrying out strikes on Iran, two U.S. officials told Reuters, adding that there was no U.S. assistance or involvement in the operation. Another report suggested that explosions were heard northeast of Iran's capital Tehran. An index that measures the dollar against six other currencies gained 0.4%, and was last at 98.07, in early Asia trading. Against the yen, the dollar slipped 0.35% to 143 per dollar , while the Swiss franc tumbled 0.39% to 0.807 per dollar. Risk-sensitive Asian currencies such as the Aussie dollar and the New Zealand dollar weakened 0.9% each. Earlier in the week, the dollar index hit multi-year lows as investors were not impressed by a U.S.-China trade truce, while cooler-than-expected inflation data fuelled expectations of more aggressive interest rate cuts by the Federal Reserve. The dollar is on track for weekly declines against the yen, the Swiss franc and the euro. Crude prices jumped more than $4 on the news as investors priced in potential supply disruptions from the oil-rich region, while gold prices climbed 0.8% to their strongest since early May. (Reporting by Johann M Cherian in Bengaluru; Editing by Jacqueline Wong)
Zawya
an hour ago
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Oil jumps more than 7% as Israel strikes Iran, rattling investors
Oil prices jumped more than 7% on Friday, hitting their highest in months after Israel said it struck Iran, dramatically escalating tensions in the Middle East and raising worries about disrupted oil supplies. Brent crude futures rose $5.29, or 7.63%, to $74.65 a barrel by 0142 GMT after hitting an intraday high of $75.32, the highest since April 2. U.S. West Texas Intermediate crude was up $5.38, or 7.91%, at $73.42 a barrel after hitting a high of $74.35, the loftiest since February 3. Israel said early on Friday that it struck Iran, and Iranian media said explosions were heard in Tehran as tensions mounted over U.S. efforts to win Iran's agreement to halt production of material for an atomic bomb. "The Israeli attack on Iran has heightened the risk premium further," MST Marquee senior energy analyst Saul Kavonic said. "The conflict would need to escalate to the point of Iranian retaliation on oil infrastructure in the region before oil supply is actually materially impacted," he said, adding that Iran could hinder up to 20 million barrels per day of oil supply via attacks on infrastructure or limiting passage through the Strait of Hormuz in an extreme scenario. Israel's strikes on Iran are aimed at hurting its nuclear infrastructure, its ballistic missile factories and many of its military capabilities, Prime Minister Benjamin Netanyahu said. U.S. Secretary of State Marco Rubio on Thursday called Israel's strikes against Iran a "unilateral action" and said Washington was not involved while also urging Tehran not to target U.S. interests or personnel in the region. "Iran has announced an emergency and is preparing to retaliate, which raises the risk of not just disruptions but of contagion in other neighbouring oil producing nations too," said Priyanka Sachdeva, senior market analyst at Phillip Nova. "Although Trump has shown reluctance to participate, U.S. involvement could further raise concerns." In other markets, stocks dived in early Asian trade, led by a selloff in U.S. futures, while investors scurried to safe havens such as gold and the Swiss franc. IG market analyst Tony Sycamore said the alarming escalation is a blow to risk sentiment in financial markets.
