US expands airstrikes on Iran, targeting bridges. Gold falls 3.5% on the week. Fed rate-hike odds rise. IEA warns on energy security if Hormuz flows don't improve.
The United States expanded its airstrike campaign against Iran for a sixth consecutive night, targeting bridges in southern Iran. At least seven people were killed, state media reported. The escalation pushed gold toward its biggest weekly loss since early June. Traders raised bets on a Federal Reserve rate hike to contain inflation.
President Donald Trump said the U.S. is "winning very big" in Iran and that the fruits of that labor will be seen shortly. The White House also said Trump agrees with Vice President JD Vance's assertion that foreign countries, including Israel, seek to influence American public opinion.
The head of the International Energy Agency, Fatih Birol, warned that if the U.S. and Iran do not improve flows through the Strait of Hormuz soon, the world should be worried about energy security. Iran launched new missile attacks against U.S.-allied nations. Qatar warned residents to take shelter as air defenses intercepted missiles, the Associated Press reported.
Gold traded at $3,980 an ounce, down 3.5% on the week. The SPDR Gold Shares ETF (GLD) reflected the decline. The strikes followed the collapse of a 14-point memorandum of understanding between the two sides.
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