Gold prices hold steady, platinum hits 10-year high
Gold prices held steady as investors kept an eye on the conflict between Israel and Iran, while platinum scaled its highest level since September 2014 on speculative buying.
Spot gold was steady at $3,369.79 an ounce at 0955 GMT. US gold futures fell 0.6 per cent to $3,387.30.
'We're not expecting that gold prices will fall back to 3,000 because there are a lot of uncertainties,' said ANZ Commodity Strategist Soni Kumari, pointing to whether the US decides to become directly involved in the conflict.
Iranian missiles struck an Israeli hospital on Thursday while Israel hit targets across Iran as President Donald Trump kept the world guessing about whether the US would join Israel in air strikes seeking to destroy Tehran's nuclear facilities.
Meanwhile, the Fed held interest rates steady on Wednesday and policymakers still forecast cutting rates by half-a-percentage point this year, but slowed their overall outlook for rate cuts in response to a more challenging economic outlook.
However, Fed Chair Jerome Powell cautioned against putting too much weight on this outlook, warning of 'meaningful' inflation ahead as higher import tariffs loom.
Gold is considered a safe-haven asset during times of geopolitical and economic uncertainty. It also tends to thrive in a low-interest rate environment. In other metals, platinum lost 2.5% to $1,288.67, but hit its highest level since September 2014 earlier in the session.
Reuters
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Middle East Eye
an hour ago
- Middle East Eye
Israel's attack on Iran: What you need to know about Tehran
Millions of residents have left Tehran as Israel continues to attack Iran. Main roads have been clogged with traffic as people try to flee the metropolis. At petrol stations, residents have waited in line for hours to fill their vehicles. Shops, banks and businesses have shut. The authorities have blacked out the internet. Apartment blocks have been left largely empty. And throughout, there is the continued threat of further Israeli bombardments. To date, these have killed at least 639 people and injured 1,329 others, according to the US-based group Human Rights Activists in Iran. New MEE newsletter: Jerusalem Dispatch Sign up to get the latest insights and analysis on Israel-Palestine, alongside Turkey Unpacked and other MEE newsletters Iranian authorities have not updated figures since earlier this week, when they put fatalities at 224 people. Where in Iran is Tehran? Tehran is located in northern Iran, which has a population of 90 million people and an area larger than that of the UK, France, Germany, and Spain combined. Although there is evidence of settlement in the area for more than 6,000 years, Tehran did not officially became Iran's capital until 1906 following the Constitutional Revolution. To the north and east are the peaks of the Alborz mountains, which overlook the Caspian Sea. Mount Damavand, Iran's highest point at 5,600m, can be seen from the capital. To the south it is mostly arid plains and desert, including the salt basin Namak Lake and, much further to the east, Dasht-e Kavir, known as the Great Salt Desert. The very north of Tehran is at an elevation of 1,700m, while the southern tip is only 1,100m above sea level, meaning temperatures can vary by several degrees Celsius. Iran is prone to earthquakes, although Tehran has not suffered major causalties compared to the rest of the country in recent years. Around 30km to the west of Tehran is Karaj, the fourth largest city in Iran, which is linked to the capital by the Tehran–Karaj Highway. This week the International Atomic Energy Agency (IAEA) said Israel had attacked nuclear centrifuge production facilities on the outskirts of Karaj. The city of Qom, home to one of the holiest sites in Shia Islam, is 120km south of Tehran. During the current war, the road between the two cities has been attacked by Israel. Many residents of Tehran, including non-Iranians, have fled the capital for the cities of Amol, Babol and Sari, 200km across the mountains and close to the Caspian Sea. How big is Tehran? The capital of Iran may be visited by foreigners less frequently than other major cities in the Middle East and North Africa, it is still a major metropolis. Only Cairo and Istanbul are comparable in size, with metropolitan populations of 23 million people and 16 million respectively. Tehran has a population estimated at 9.5 million people. This increases to 16.8 million when the wider metropolitan area is included. It has an area of more than 700 km2, and has a size and population density similar to New York City. The city dominates life in Iran, and is the economic, political, administrative, commercial, financial and cultural centre of the country. But this key role has made it a target for Israeli attacks since 13 June this year. Iran's Atomic Energy Organisation and the Tehran Research Reactor are located just north of Amirabad district and within residential areas. Central neighbourhoods hit include Kamranieh, as well as Lavizan in the north-east, and nearby Tehran-Pars and Narmak. Who lives in Tehran? Tehran, like the rest of Iran, is a young city, with an average age of 32. The country has the largest number of Shia Muslims globally - making up 90 percent of the population - with most subscribing to the Twelver branch. The city is home to considerable numbers of Kurds and Azerbaijanis. Many people left the city, especially to the West, during the Iranian Revolution of 1979 and the advent of the Islamic Republic. Others fled during the Iran-Iraq war of 1980-1988, when the city was last targeted by air raids. Recent attacks have evoked painful memories for many of Tehran's older residents. The Soviet invasion of Afghanistan in 1979 brought refugees from the east, a number that was later boosted by the US-led military action from 2001 onwards. But many Afghans in Iran have faced discrimination and are frequently deported. What's the layout of Tehran? Tehran has faced many economic and political challenges over the last half century, including the Islamic Revolution, Saddam Hussein's war on Iran, and, more recently, the imposition of sanctions by the US and others. This has meant that Tehran's infrastructure has failed to keep pace with its growth, resulting in gridlocked roads and poor services. The city consists of 22 districts. Like many capitals, it is marked by older, more historic buildings at its centre, including mosques, religious schools and the central bazaar, linked by squares, boulevards and narrow streets. Some, such as the old royal citadel, are now occupied by government offices. More modern neighbourhoods and suburbs, planned on a grid street system, have sprung up in recent decades, especially to the south and west, where they have absorbed smaller towns and communities on the outskirts of Tehran. Infrastructure includes Mehrabad International Airport to the south, which serves domestic flights, but has been hit by Israeli missiles in the past week. The area close to the mountain foothills has traditionally been favoured by the city's wealthy, who appreciate its cooler climate during the summer heat. As the city has expanded over the decades, these districts have become part of Tehran. Land is more expensive here, but the population density is lower and services are better. Kesharvarz Boulevard, pictured (left in November 2024 and after an Israeli attack on 15 June 2025), crosses Valiasar Boulevard (AFP) Land is also more expensive on the city's north-south and east-west routes, such as historic Valiasar Boulevard, and Enqelab Street, which is named after the revolution of 1979 and associated with protests against Iran's mandatory hijab. Modern expressways, including the Hemmat Highway, run east-west to the suburbs. What's Tehran like for transport? Bad. While news reports in recent days have emphasised the lines of traffic leaving the city, Tehran has always been notorious for its congestion and pollution, which is exacerbated by the high number of older vehicles on the roads. Pollution chokes Tehran in December 2023, forcing some workplaces and schools to shut. The problem is worse during the colder autumn and winter months (AFP) The result is frequent smog. Much of this is down to geography and the Alborz mountains that prevent winds blowing in from the Caspian and trap hot air coming from the south. Only limited relief has come with the subway network, one of the biggest rail networks in the region. It first began running trains in 1999 and now has seven lines carrying more than three million people every day. Its tunnels are now being used by many Tehranis to shelter from the missile strikes, along with basements or older shelters used in the war with Iraq during the 1980s.
Middle East Eye
an hour ago
- Middle East Eye
Fear and shock as Israelis question motives behind attack on Iran
When a missile landed close to his home in Ramat Gan, near Tel Aviv, on Thursday, Omri was miles away, sheltering at his partner's family house in northern Israel. "Our building is old and has no shelter so we drove to her parents' house, where there's a safe room, but it's frightening every time we leave the house," Omri told Middle East Eye. The city of Ramat Gan and other areas near Tel Aviv have been the site of multiple Iranian retaliatory attacks since Israel started its military campaign on Iran a week ago. On Thursday, Iran launched a barrage of 30 ballistic missiles at Israel, causing extensive damage in the country's centre and south, where a missile struck the Soroka hospital in Beersheba. In Ramat Gan, damage was reported at the Israeli stock exchange building and several nearby offices and residential buildings. More than 200 people were wounded that day, according to local media. "I'm in a condition that a lot of people can envy. I have a safe room, but I wouldn't want to be in this situation for much longer," Omri said New MEE newsletter: Jerusalem Dispatch Sign up to get the latest insights and analysis on Israel-Palestine, alongside Turkey Unpacked and other MEE newsletters "I don't think we can stand the current situation much longer." Another resident of Ramat Gan, whose home was struck by a missile, described the scene as similar to "an apocalypse." "I hadn't slept at all for several days, so I didn't wake up when the siren went off," the resident said, speaking to Israeli newspaper Haaretz. "Just before I reached the safe room, the missile struck, and I was hit in the shoulder by the force of the blast." Preserving Netanyahu's rule For many in Israel, the conflict with Iran feels unlike anything they've experienced before. Some are even questioning the motives behind the government's decision to strike Iran. Since last Friday, Israel has hit a long list of targets in Iran, including nuclear facilities, senior military commanders and scientists. Israeli Prime Minister Benjamin Netanyahu has said the offensive was aimed at "rolling back the Iranian threat to Israel's very survival." As Trump weighs bombing Iran's Fordow, 'mission creep' lurks behind US attack Read More » Speaking of Netanyahu, Elisha, a resident of Tel Aviv, told MEE: "I think we have a supreme leader who's only interested in staying in power. The entire purpose of the attack is to preserve his rule." "The ministers will keep sitting safely in their bunkers while we're just pawns in their game. We're like sitting ducks," he added. Elisha described the daily Iranian missile strikes as "something different" from what Israelis are used to facing. "I'm not afraid for my own life, but for the people close to me," he told MEE. "A few days ago, a missile hit near my parents' house. The whole area was covered in shattered glass, their window was blown out. It's scary." "Life here is a nightmare," he continued. "I guess I'll move abroad. This isn't a place to raise children." When asked whether he feared the continuation of the war, Elisha replied: "I'm afraid of my government. I'm mostly afraid of what they'll do next." 'Very much in shock' In southern Israel, shock and fear gripped Soroka Hospital in Beersheba following the strike, which wounded 60 people. "There's no functioning ward now," a nurse told Israeli media outlet Ynet, referring to the extent of the damage. "When we arrived, there was chaos - people running, shouting. We went straight to the emergency room to see where help was needed. Now the entire hospital is being evacuated to protected areas. The building isn't safe," the nurse said. "We're all very much in shock." 'We have a supreme leader [Netanyahu] who's only interested in staying in power. The entire purpose of the attack is to preserve his rule' - Elisha, Tel Aviv In Holon, part of the Tel Aviv district, a resident said a powerful explosion shook their entire apartment building. "We went outside and saw that an entire four-storey house had been destroyed," the resident told Ynet. At the scene, a 13-year-old girl recalled the moment when the missile struck their home: "We jumped out of bed when the siren went off and ran to the shelter. "When we came out, we saw the house was destroyed. My room was hit the hardest. I just burst into tears." Echoing Elisha's concerns, Omri also shed doubts on the Israeli government's motives and the timing of the offensive on Iran. "There's something big going on here, but at the same time - why now?" he told MEE. "The government, the opposition, and the Knesset are steering us toward an uncertain future - and all this while captives remain in Gaza and soldiers continue to be killed."
Middle East Eye
an hour ago
- Middle East Eye
Israel kills 25 Palestinians seeking aid as hospitals warn of infant mortalities
Israel killed at least 25 Palestinians trying to receive aid in the Gaza Strip on Friday as hospitals warned shortages of essential supplies were threatining the lives of infants. At least 42 people were killed across the Palestinian enclave, including those targeted as they sought humanitarian relief in central Gaza's Nuseirat refugee camp and Rafah in the south. Dozens were wounded, some criticially. According to reporters on the scene, the Israeli army directly shot at civilians who gathered at a US-backed Gaza Humanitarian Foundation (GHF) relief distribution point near the Netzarim corridor, which bisects the enclave. Eyewitness accounts say that rescue crews were unable to retrieve bodies or save wounded victims due to the heavy shelling in the area. Meanwhile, sources at the Nasser hospital told Al Jazeera that five were killed at an aid distribution centre northwest of Rafah. New MEE newsletter: Jerusalem Dispatch Sign up to get the latest insights and analysis on Israel-Palestine, alongside Turkey Unpacked and other MEE newsletters Israeli attacks on starving Palestinians have become commonplace in Gaza, with growing criticism of the GHF accusing it of militarising humanitarian aid. The GHF was established by the US and Israel to take over aid distribution after the Israelis imposed a total seige on Gaza for three months and refused to allow the UN and other international agencies to deliver relief. On Thursday, the Israeli army killed over a hundred people across the enclave, the majority of them aid-seekers. Philippe Lazzarini, the commissioner-general of the UN agency for Palestinian refugees, Unrwa, condemned the "lethal" US-Israeli relief delivery mechanism in Gaza on Wednesday. In a post on X, Lazzarini said Palestinian lives "have been so devalued", as hundreds have been killed at aid distribution checkpoints "It is now the routine to shoot & kill desperate & starving people while they try to collect little food from a company made of mercenaries," he said. "Inviting starving people to their death is a war crime. Those responsible of this system must be held accountable. This is a disgrace & a stain on our collective consciousness." Since reneging on the ceasefire deal with Hamas on 18 March, Israeli forces have killed at least 5,400 people in attacks targeting tents, hospitals and schools-turned-shelters. According to Palestinian health and government officials, at least 55,706 Palestinians have been killed by Israeli forces since October 2023. Infants' lives at threat Two hospitals in Gaza have warned of a looming health disaster threatening the lives of infants due to the severe shortage of essentials like formula. Jamil Ali, director of al-Rantisi Hospital in Gaza City, launched an urgent appeal to the international community and humanitarian organisations to "take immediate action to provide milk and save the lives of children in Gaza". "Children are facing a real health catastrophe due to the complete shortage of baby formula," he added. Ali described the situation as a "true humanitarian crisis for children," adding that the hospital "does not have a single carton of milk, despite receiving numerous children daily suffering from malnutrition and malabsorption." 'Death of a generation': Gaza infants battle starvation under deepening Israeli siege Read More » Similarly, Ahmad al-Farra, director of Nasser Medical Complex in Khan Younis, warned earlier in the week that the lives of newborns and premature babies are at risk due to the depletion of essential milk supply. Speaking from the paediatric intensive care unit, he said the almost total siege imposed on Gaza for four months has caused a shortage of different specialised formula types, such as premature, anti-regurgitation and lactose-free. The director of the Tahrir Building for Pediatrics and Maternity urged international organisations and groups to step in and put pressure on Israeli authorities to allow all essential baby formula types into Gaza. The Israeli government has been repeatedly accused by rights groups and legal experts of using starvation as a weapon of war as Palestinians - including children and infants - have been dying from starvation-related complications. Israel, with Egypt's help, imposed a complete blockade on all humanitarian aid to Gaza for 11 weeks, before partially lifting it on 19 May to allow very limited United Nations aid deliveries and the ailing GHF scheme to commence. Another Palestinian prisoner dead On Thursday evening, Israeli forces handed over the body of a Palestinian detainee to Palestinian Red Crescent crews almost a week after he was announced dead. Raed Suleiman Asasa, 57, was pronounced dead last Friday, the Prisoners' Affairs Authority and the Palestinian Prisoners' Club monitors said in a statement last week. 'There is no clear information about the circumstances of the martyrdom of the detainee Asasa, except that he entered one of the occupation hospitals on [9 June]," they said. Asasa was arrested 27 days before his death in detention, and was charged under the pretext that he entered Israel from the occupied West Bank without a permit. Since Israel's war on Gaza began in October 2023, 72 Palestinians have died in Israeli prisons. "The martyrdom of detainee Asasa constitutes a new crime in the record of the brutal Israeli system, which has committed all forms of crimes, including crimes against prisoners and detainees with the aim of killing them. These crimes constitute another aspect of the ongoing genocide," the monitor groups said.
