Powell to leave office within 8 months: Trump
Speaking at a White House press conference following a meeting with Philippine President Ferdinand Marcos, Trump remarked that he doesn't think Powell has done a good job, but he'll be leaving soon.
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Arab News
13 minutes ago
- Arab News
Gold falls on firmer US dollar and rising trade optimism
BENGALURU: Gold prices fell on Friday, pressured by a recovery in the US dollar and optimism over progress in trade talks between the US and the EU. Spot gold was down 0.5 percent at $3,350.08 per ounce, as of 11:20 a.m. Saudi time. US gold futures fell 0.6 percent to $3,351.70. The US dollar index rebounded from more than a two-week low, making bullion more expensive for overseas buyers, while benchmark 10-year US Treasury yields rose. A resurgence in risk appetite driven by optimism over potential tariff negotiations, and better-than-expected jobless claims reinforcing the view that the US Federal Reserve is unlikely to cut rates, is pressuring gold, said Ricardo Evangelista, senior analyst at brokerage firm ActivTrades. 'There is an element of uncertainty that still lingers ... with a strong support around $3,300, I see the potential for gold prices to rise should new episodes of volatility be triggered,' he said. The European Commission said on Thursday a negotiated trade solution with the US is within reach — while EU members voted to approve counter-tariffs on €93 billion euros ($109 billion) of US goods in case the talks collapse. Data showed the number of Americans filing new applications for jobless benefits fell to a three-month low last week, pointing to stable labor market conditions. Meanwhile, President Donald Trump pressed Fed Chair Jerome Powell to lower interest rates in a tense visit to the US central bank on Thursday, less than a week before the next rate-setting meeting where policymakers are expected to hold interest rates steady. Markets are pricing in a potential rate cut in September. Gold typically performs well during periods of uncertainty and in low-interest-rate environments. Elsewhere, spot silver fell 0.5 percent to $38.90 per ounce, but was on track for a weekly gain, up about 1.9 percent so far. Platinum lost 0.6 percent to $1,400.02 and palladium slipped 0.7 percent to $1,219.20.
Asharq Al-Awsat
2 hours ago
- Asharq Al-Awsat
Zelenskiy Says Ukraine Has Secured Three Patriot Systems, Looking to Finance Seven More
Ukraine has received confirmation from partners that they will provide three Patriot missile defense systems and discussions are underway to obtain seven more, Ukrainian President Volodymyr Zelenskiy said on Thursday. "I have officially received confirmation from Germany for two systems, and from Norway for one. We are currently working with Dutch partners," he told reporters. President Donald Trump announced earlier this month that billions of dollars of US weapons would go to Ukraine, including Patriot missiles. This set off negotiations around which partners could contribute to the weapons purchasing scheme -- a process that will determine the support Ukraine receives, Reuters said. The Patriot systems have proven effective at destroying Russian ballistic missiles aimed at Ukraine's cities. In addition to securing air defense supplies, Ukraine needs to cover a financing gap of $40 billion next year, Zelenskiy said in remarks released by his office. An additional $25 billion will be needed for missiles, drones and electronic warfare systems production, he added.
Asharq Al-Awsat
4 hours ago
- Asharq Al-Awsat
Europeans and Iran Meet in Istanbul as the Return of Sanctions Looms over Nuclear Deadlock
Iranian and European diplomats are set to meet in Istanbul Friday to embark on the latest drive to unpick the deadlock over Tehran's nuclear program. Representatives from Britain, France and Germany, known as the E3 nations, will gather at the Iranian consulate building for the first talks since Iran's 12-day war with Israel in June, which involved US bombers striking nuclear-related facilities. The talks are centered on the possibility of reimposing sanctions on Iran that were lifted in 2015 in exchange for Iran accepting restrictions and monitoring of its nuclear program, said The Associated Press. The return of sanctions, known as a 'snapback' mechanism, 'remains on the table,' according to a European diplomat speaking on condition of anonymity due to the sensitivity of the talks. 'A possible delay in triggering snapback has been floated to the Iranians on the condition that there is credible diplomatic engagement by Iran, that they resume full cooperation with the IAEA (International Atomic Energy Agency), and that they address concerns about their highly-enriched uranium stockpile,' the diplomat said. European leaders have said sanctions will resume by the end of August if there is no progress on containing Iran's nuclear program. Tehran, meanwhile, has said the US, which withdrew from the 2015 deal during President Donald Trump 's first term, needs to rebuild faith in its role in negotiations. Deputy Foreign Minister Kazem Gharibabadi said Iran's engagement was dependent on 'several key principles' that included 'rebuilding Iran's trust – as Iran has absolutely no trust in the United States.' In a social media post Thursday, he also said the talks shouldn't be used 'as a platform for hidden agendas such as military action.' Gharibabadi insisted that Iran's right to enrich uranium 'in line with its legitimate needs' be respected and sanctions removed. Iran has repeatedly threatened to leave the Nuclear Nonproliferation Treaty, which commits it to refrain from developing nuclear weapons, if sanctions return. Friday's talks will be held at the deputy ministerial level, with Iran sending Deputy Foreign Minister Majid Takht-e Ravanchi. A similar meeting was held in Istanbul in May. The identity of the E3 representatives were not immediately clear but the European Union's deputy foreign policy commissioner is expected to attend. The UK, France and Germany were signatories to the 2015 deal, alongside the US, Russia and China. When the US withdrew in 2018, Trump insisted the agreement wasn't tough enough. Under the original deal, neither Russia nor China can veto reimposed sanctions. Since the Israeli and US strikes on Iran, which saw American B-52 bombers hit three nuclear sites, Iran's Foreign Minister Abbas Araghchi has accused the E3 of hypocrisy, saying they failed to uphold their obligations while supporting Israel's attacks. Against the backdrop of the conflict, which saw Iran respond with missile attacks on Israel and a strike on a US base in Qatar, the road ahead remains uncertain While European officials have said they want to avoid further conflict and are open to a negotiated solution, they have warned that time is running out. Tehran maintains it is open to diplomacy, though it recently suspended cooperation with the IAEA. A central concern for Western powers was highlighted when the IAEA reported in May that Iran's stockpile of uranium enriched to 60% – just below weapons-grade level – had grown to over 400 kilograms (882 pounds). In an interview with Al Jazeera that aired Wednesday, Iranian President Masoud Pezeshkian said Iran is prepared for another war and reiterated that its nuclear program will continue within the framework of international law while adding the country had no intention of pursuing nuclear weapons. A spokesman for Iran's Atomic Energy Organization said Thursday the country's nuclear industry would 'grow back and thrive again' after the recent attacks by Israel and the US.
