US Escalates Iran Pressure as Gold Sees Weekly Gain
The US government has signaled plans to increase economic pressure on Iran by imposing new sanctions and maintaining a naval blockade, escalating tensions in the Middle East.
Treasury Secretary Scott Bessent said the US would introduce measures 'that have never been seen on Iran,' combining broader economic isolation with the continued naval blockade of Iranian ports. He did not provide further details.
The comments follow remarks by Defense Secretary Pete Hegseth, who said the US military could maintain its naval blockade indefinitely by rotating naval assets as needed.
Meanwhile, gold prices rose on Friday and are on track for a weekly gain after softer US inflation data strengthened expectations that the Federal Reserve will keep interest rates unchanged next month.