Gold prices rose on Friday after breaking above the daily pivot point at $4695. If the yellow metal holds above this level, it could continue to rise and head toward resistance levels at $4757 then $4797. On the other hand, if the price loses its upward momentum, it is likely to retreat toward support levels near $4653 then $4603.
Global markets remain on edge as geopolitical tensions between the United States and Iran continue to intensify. President Donald Trump stated that the ceasefire agreement is still in effect despite renewed military exchanges in the Gulf region, while investors closely monitored developments impacting currencies and energy markets. The U.S. dollar held steady amid growing uncertainty, supported by safe-haven demand, as oil prices surged following renewed hostilities between Washington and Tehran and rising concerns over potential disruptions to global energy supplies through the Strait of Hormuz.
Market Watch
Trump says ceasefire still in effect
U.S. President Donald Trump confirmed that the ceasefire agreement with Iran remains in effect despite the recent military tensions in the Strait of Hormuz and the exchange of strikes between both sides.
Speaking to ABC News, Trump described the recent U.S. strikes on Iranian targets as “a light slap,” stressing that the ceasefire “is still holding.” His remarks come amid growing international concerns over escalating tensions in the Gulf region.
Trump also stated that the United States remains engaged in negotiations with Iran regarding the nuclear file, emphasizing that Washington is closely monitoring both military and diplomatic developments as Tehran and Washington continue exchanging accusations over violations of the truce.
Earlier, the U.S. Central Command announced that it had carried out what it described as “defensive” strikes against Iranian sites following attacks targeting American destroyers crossing the Strait of Hormuz. Iran, meanwhile, said it was responding to what it called U.S. aggression.
Dollar steady as US-Iran hostilities flare
The U.S. dollar remained stable during Friday’s trading session as geopolitical tensions between the United States and Iran continued to escalate, while investors closely monitored military and diplomatic developments in the Middle East.
Markets showed signs of caution following renewed confrontations between Washington and Tehran, boosting demand for the dollar as a safe-haven asset. Investors are also watching for any signals regarding the future of the military escalation or the possibility of returning to diplomatic negotiations.
The U.S. Dollar Index posted slight gains against a basket of major currencies, while the Japanese yen remained stable amid expectations of possible intervention by Japanese authorities to support the local currency.
Rising tensions also contributed to supporting global oil prices, amid concerns over potential supply disruptions through the Strait of Hormuz, one of the world’s most critical oil shipping routes.
Markets are additionally awaiting upcoming U.S. economic data, particularly inflation and labor market figures, to assess the future direction of the Federal Reserve’s monetary policy.
Oil prices jump on renewed US-Iran hostilities
Global oil prices moved higher during Friday’s trading session as renewed tensions and hostilities between the United States and Iran raised concerns over potential disruptions to global energy supplies.
Both Brent crude and U.S. crude oil posted gains as investors closely monitored military developments in the Gulf region, particularly around the Strait of Hormuz, one of the world’s most vital oil shipping routes. The increase followed reports of exchanged strikes and escalating threats between Washington and Tehran over the past few hours.
Analysts believe that continued escalation between the two countries could increase geopolitical risks in the region, providing short-term support for oil prices amid fears of supply disruptions and rising shipping and insurance costs.
Markets are also awaiting further statements from both the U.S. administration and Iranian officials regarding the possibility of de-escalation or a return to diplomatic negotiations, while concerns over the stability of global energy markets remain elevated.
Looking Ahead
Markets are awaiting the release of key U.S. labor market data later today, including the Nonfarm Payrolls report and the U.S. Unemployment Rate. Investors will closely monitor the figures for further signals on the strength of the American economy and the future path of the Federal Reserve’s monetary policy, particularly regarding interest rate expectations.