Ongoing tensions between Israel and Iran and their impact on the markets: Iran conducted a drone attack on Israel
in response to the targeting of its consulate in Damascus.
Following the attack, cryptocurrencies saw a sharp decline, with the price of Bitcoin dropping by more than 8%.
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Ongoing tensions between Israel and Iran and their impact on the markets
Gold prices fell during last Friday’s trading session
A strong rise in the dollar index at the end of last week
Ongoing tensions between Israel and Iran and their impact on the markets
Iran conducted a drone attack on Israel in response to the targeting of its consulate in Damascus.
Following the attack, cryptocurrencies saw a sharp decline, with the price of Bitcoin dropping by more than 8%.
Iranian officials have committed to responding to this attack.
In recent updates, Israeli airspace has been closed to incoming and outgoing flights
A meeting was held between U.S. President Joe Biden and his national security advisors to discuss the latest developments.
The White House confirmed that Israel had been attacked by Iranian drones.
The White House announced its support for the Israeli people and their efforts to defend themselves against Iranian threats.
Gold prices fell during last Friday’s trading session
Gold prices saw a sharp decrease near the end of last week’s trading,
after initially rising to a record high at the start of Friday’s session,
where they exceeded the $2430 per ounce mark.
As the session approached its end, the ounce value dropped significantly,
losing more than $30 due to developments that adversely affected the demand for the precious metal.
In Friday’s trading session, spot gold contracts fell by about $33, or approximately 1.38%,
and gold was traded at around $2339 per ounce, a record high for gold prices.
Additionally, gold futures contracts decreased by 0.62%, reaching about $2357 per ounce.
Gold prices were notably influenced by the easing of geopolitical tensions between Iran and Israel,
especially after news reports mentioned that U.S. officials were urgently pressing
Iran to back down from its threats of a retaliatory strike against Israel.
However, following the severe tensions of the previous day,
gold is expected to open this week’s trading on an upward price gap.
A strong rise in the dollar index at the end of last week
The U.S. dollar achieved strong gains during last Friday’s trading session,
settling at its highest levels since last November.
This rise was due to an increased demand for the dollar following market expectations
of a delay in cutting U.S. interest rates and the continuation of high interest rates for an extended period.
The U.S. dollar saw a clear rise thanks to comments from some members of the U.S. Federal Reserve
regarding interest rates and the timing of their reduction.
In this context, Susan Collins, a Federal Reserve member in Boston,
stated on Friday that it is unpredictable when the Fed will begin cutting interest rates
and that she expects only two rate cuts this year.
She added that raising interest rates is not part of the central bank’s baseline scenario,
but it is not completely ruled out.
These statements provided strong support for the dollar’s performance during currency market trading.
The ongoing tensions between Israel and Iran and their impact on the markets