Gold rose slightly on Friday, after posting sharp losses of 1.9% in the previous session, trading below the uptrend line on the four-hour chart. If gold settles below the aforesaid trend line, it could decline toward support levels at $4,286 then $4,239. On the upside, if the price reclaims the daily pivot point of $4,391, it could rise toward resistance levels near $4,457 then $4,507.
Over the past 24 hours, three major headlines have dominated the global financial and geopolitical landscape, illustrating how closely energy markets, foreign policy, and monetary trends interact during times of international tension:
Oil Prices Head to Close the Week Above $100 Level
Global oil prices are heading toward ending this week’s trading above the $100 per barrel mark, for the first time since last May, driven by escalating supply risks and growing geopolitical concerns. Futures contracts for Brent crude rose to $108.68 per barrel, continuing its notable weekly gains. US crude rose to trade above $103.45 per barrel level. These developments are primarily attributed to fears over supply disruptions and shipping issues in the Middle East and the Red Sea, in addition to market evaluations of potential decreases in global supply in the coming period.
Trump: “I Do Not Regret the War with Iran”
US President Donald Trump has strongly defended his military decision to escalate against Iran, affirming that he feels no regret over engaging in the conflict with Tehran. He simultaneously predicted that the military confrontation would find its resolution immediately following the midterm Congressional elections scheduled for this coming November.
In a television interview aired on Friday, Trump explained that if he could go back in time, he would make the exact same decision without hesitation. “I don’t believe in the word regret.. If I had to do it all over again, I would do precisely what I did. We eliminated Iran’s nuclear capabilities and neutralized a threat that risked wiping out our allies and the region,” Trump stated.
The US President linked the ongoing conflict directly to the intense election race within the United States, arguing that the Iranian leadership is betting on political change in Washington and hoping for a Democratic comeback in Congress. He noted that Tehran is exerting every effort to influence the midterms, operating under the assumption that a future administration might show tolerance toward its nuclear ambitions.
Addressing questions regarding the impact of the war and energy transit targeting on the American public, Trump said: “Our supporters and those who back our policies are not frustrated as some claim. On the contrary, they are proud that Washington took a firm stance and refused to let the Iranian regime obtain weapons of mass destruction.”
Regarding field operations and maritime navigation, Trump highlighted that US naval forces have established full operational control over movement in the Strait of Hormuz and Gulf sea lanes. He pointed out that the Iranian economy is suffering from severe bottlenecks and mounting inflation, directly impacting the funding of its military institutions.
Trump’s remarks come amid close monitoring by global financial and energy markets of the situation in the Middle East, as sharp debate intensifies in Washington between Republicans and Democrats over the cost of the conflict and the trajectory of the domestic economy ahead of the ballot box in November.
US Dollar Index Holds Gains
The US Dollar Index maintained its weekly gains, consolidating near the 99 level in weekend trading. The index was buoyed by increased safe-haven demand from investors and persistent inflationary pressures driven by recent surges in global energy prices.
The US Dollar Index (DXY)—which measures the greenback’s performance against a basket of six major currencies—traded steadily around 99.05. It regained strength following a brief profit-taking wave, supported by rising US Treasury yields and market expectations of sustained monetary tightening by the Federal Reserve.
Greenback’s resilience coincided with a sharp rally in crude oil prices, which broke above the $100-per-barrel threshold, raising concerns over a global resurgence in inflation. This shift pushed the 10-year US Treasury yield toward multi-month highs, giving the dollar a competitive edge that pressured other major currencies, notably the Euro and the Japanese Yen.
In global currency trading, the Euro slipped toward $1.16, while the Japanese Yen remained under pressure against the dollar amid a widening interest rate differential and rising energy import costs for Asian and European economies.
Looking Ahead
Global financial markets are treading cautiously today as investors brace for the release of the upcoming U.S. Consumer Price Index (CPI) report. Traders across foreign exchange, commodities, and equities are closely monitoring the key inflation metric, seeking definitive cues regarding the Federal Reserve’s next interest rate decision. With recent volatility in energy prices and persistent yield pressure, market participants are keeping positions muted until the data provides a clearer picture of domestic inflation trends.