Gold prices slipped on Friday as they lost their upward momentum, trading below the key level of $460. If the yellow metal settles beneath the first support level at $4556, it may continue to fall and head toward the next support level at $4514. On the other hand, if the price stabilizes above the bearish trend line, it is likely to rise toward the daily pivot point of $4624 and then the resistance levels near $4666 and $4701.
Global markets remained cautious today as geopolitical tensions in the Middle East continued to dominate investor sentiment. U.S. President Donald Trump said that he is gradually losing patience with Iran, increasing concerns over a potential escalation in the region. Meanwhile, the U.S. dollar hovered near its highest level in more than two weeks, supported by rising Treasury yields and stronger demand for safe-haven assets. At the same time, oil prices held onto their recent gains amid fears of possible supply disruptions and ongoing uncertainty surrounding developments in the Strait of Hormuz.
Trump says he is losing patience with Iran
U.S. President Donald Trump said today that the United States is “gradually losing patience” with Iran, stressing that Tehran must quickly reach an agreement regarding its nuclear program and the ongoing regional tensions.
Trump’s remarks came following talks with Chinese President Xi Jinping in Beijing, where he noted that the continuing Iranian crisis is affecting global energy supplies and maritime security, particularly around the Strait of Hormuz.
Speaking in an interview with Fox News, Trump stated that he “will not remain patient for much longer,” urging Iran to return to the negotiating table and finalize an agreement with Washington amid growing fears of a new escalation in the Middle East.
The comments come as the United States continues to increase pressure on Iran, while China and several international parties are pursuing diplomatic efforts aimed at containing the crisis and preventing a broader regional conflict.
Dollar hovers near its highest level in more than two weeks
The U.S. dollar traded near its highest levels in more than two weeks today, supported by increased demand for safe-haven assets amid ongoing geopolitical tensions in the Middle East and rising U.S. Treasury yields.
The U.S. Dollar Index, which measures the greenback against a basket of major currencies, rose to around 98.6 points as markets awaited the release of fresh U.S. economic data that could provide further signals regarding the Federal Reserve’s monetary policy outlook.
Meanwhile, both the euro and the British pound came under pressure during early Asian trading sessions as investors remained cautious over developments in the conflict between the United States and Iran and its potential impact on oil prices and global economic growth.
Analysts believe that persistent energy price increases and geopolitical uncertainty are continuing to boost demand for the U.S. dollar as a safe-haven currency, especially amid growing concerns about a possible slowdown in the global economy in the coming months.
Oil prices hold onto their gains
Oil prices maintained their gains during today’s trading session, supported by ongoing geopolitical tensions in the Middle East and growing concerns over potential disruptions to global oil supplies.
Brent crude futures traded near $84 per barrel, while U.S. West Texas Intermediate crude remained above the $80 level as markets closely monitored the political and military developments between the United States and Iran.
Prices also received support from expectations of stronger global fuel demand during the summer travel season, in addition to a decline in U.S. crude inventories last week, which boosted investor optimism for market balance conditions.
Analysts believe that continued geopolitical risks, particularly in the Middle East — one of the world’s largest oil-producing regions — could push prices even higher in the coming period if tensions escalate further or supply flows face additional disruptions.