ECB accounts: some members said policy rates need to be "appropriately restrictive".

Gold rose modestly on Thursday as dollar-depreciation fears and anticipation of Fed chair Kevin Warsh’s speech underpinned prices. OANDA senior market analyst Kelvin Wong said the dollar-weakness narrative combined with U.S. budget-deficit concerns provides medium-term support for bullion. The U.S. Treasury’s move to expand purchases of previously issued long-term bonds intensified dollar-depreciation worries; gold gained more than 5% last week. Wong said markets are awaiting Warsh for clearer guidance on how the Fed will respond; absent specific forward guidance, current market pricing for rate hikes is likely to remain largely unchanged. Geopolitical risk: the Qatari PM will visit Tehran to restart diplomatic mediation amid renewed U.S.-Iran mutual accusations, focused on Washington’s pledge to tighten pressure via sanctions on Iran’s trading partners.

德黑蘭中東戰略研究中心高級研究員阿巴斯·阿斯蘭尼指出，“美國一邊堅持經濟窒息策略，宣稱與伊朗沒有談判”，另一邊卻“正通過地區調解人向德黑蘭傳遞非正式信息”。他表示，這種做法暴露了美國的意圖：將談判中任何微小的進展，都歸功於自身施壓的結果。阿斯蘭尼進一步分析稱，特朗普不僅需要找到退出路徑，更需要將整個過程包裝成一場勝利，以向美國國內公衆交代——這對他來說同樣至關重要。但他也指出，特朗普反覆無常的談判風格，使戰爭何時結束難以預判，“未來幾天或幾周內會發生什麼，目前仍不明朗，因爲美國總統本身就不是一個穩定或可預測的人物。”