Global Concerns Rise Over U.S. Economy's Impact on World Currencies
Published: Friday, 19 April 2024 09:24 | 
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During President Joe Biden's campaign tour in Pennsylvania, he praised the U.S. economy as the strongest globally, but international financial leaders meeting in Washington for the IMF-World Bank spring meetings voiced concerns. They urged moderation, highlighting how the robust U.S. economy, characterized by high interest rates and a strong dollar, has negatively impacted other countries by devaluing their currencies and complicating efforts to reduce borrowing costs. These sentiments were underscored by Federal Reserve Chair Jerome Powell, who announced that expected rate cuts would be delayed due to persistent high U.S. inflation.
Gold Prices Rise for Fifth Week Amid Iran-Israel Tensions
Published: Friday, 19 April 2024 09:17 | |
| Gold prices continued their upward trend, marking a fifth consecutive week of gains as investors sought refuge in the safe-haven asset amid escalating Middle East tensions between Iran and Israel. On Friday, spot gold increased by 0.1% to $2,380.68 per ounce and had earlier reached up to $2,417.59. The overall gain for the week was over 1%. U.S. gold futures also saw a rise of 0.1%, standing at $2,396.60. Tensions heightened following reported explosions in an Iranian city, attributed to an Israeli attack, although Iran downplayed the incident, suggesting no immediate retaliation. Analyst Peter Fertig highlighted that these geopolitical uncertainties are bolstering gold's status as a safe-haven investment.