Gold and silver enter a new era: What investors should expect in 2026 - Robert Gottlieb

Commodity

Summary:

After 2025’s surge, gold and silver enter a structurally supported bull phase, driven by central-bank buying and supply tightness, with 2026 likely bringing moderate gains, volatility, and long-term re-rating rather than a bubble.

After a historic run that pushed gold and silver prices to multiple record highs in the final days of 2025, investors are asking the unavoidable question: How long can this momentum last — or is something more fundamental underway?

According to veteran precious metals executive Robert Gottlieb, the answer lies not in short-term price targets or speculative squeezes, but in a structural shift that is redefining the role of gold and silver in global portfolios.

“This is not 1980. This is not Reddit. This is not a corner,” Gottlieb said in an interview with Kitco News. “This is people waking up to hard assets as a necessity.”

The former managing director of the precious metals desks at JPMorgan and HSBC said that both precious metals have experienced defining moments that have transformed the market.

He explained that the yellow metal’s defining moment came in 2022, after the U.S. government and its allies weaponized the U.S. dollar against Russia following its invasion of Ukraine.

As a result, emerging-market central banks have flooded into gold to diversify away from the U.S. dollar.

Crucially, Gottlieb emphasized that price has not been the determining factor for these buyers.

“When central banks decide to buy gold, it’s not based on price,” he explained. “It’s based on policy — what’s happening internally and externally in their country.”

Gottlieb added that this policy shift appears durable, as many central banks’ gold reserves are still relatively low.

He pointed out that this pillar of support is extremely important for investors. Central bank demand creates a persistent bid — one that underpins prices even as speculative flows ebb and flow, he said.

Meanwhile, silver’s defining moment has emerged only this year — in fact, only since the summer. Gottlieb said investors are just beginning to realize how little silver is readily available in the global marketplace.

Over the past five years, robust industrial demand has depleted above-ground silver stockpiles to critical levels. With growing investment demand, silver supply chains are stretched to extremes, and there is not enough silver in the right locations and in the right form to meet demand.

Gottlieb noted that there is currently no easy fix to the liquidity problem in the silver market. He pointed out that 12-month lease rates remain extremely elevated.

“ This is not short-term tightness,” he said. “We are seeing long-term backwardation, so to me there is still structural tightness.”

As central banks have created long-term support for gold, Gottlieb said he expects robust industrial demand to play the same role for silver.

However, while Gottlieb is bullish on both gold and silver, he warned investors that they should temper their expectations.

Why 2026 Won’t Look Like 2025 — and Why That’s Healthy

If 2025 was defined by explosive momentum, Gottlieb cautioned that 2026 will likely look very different.

“We’re not going to see another 60% or 70% year,” he said. “But that doesn’t mean the bull market is over.”

Looking to the new year, Gottlieb said he is expecting moderate gains built on structural support, not mania. Gold advancing 10–15% from already elevated levels would still translate into meaningful absolute returns, especially for institutional portfolios reallocating toward hard assets.

Silver, meanwhile, remains the more volatile — and potentially more rewarding — metal.

“The sell-offs will be bigger. The corrections will be more painful. But the long-term story is still intact,” he said.

For investors eyeing the grey metal in 2026, the message is clear: volatility is not a warning sign — it’s part of the asset class.

Silver’s sharp pullbacks, sometimes triggered by algorithmic trading or momentum-driven futures selling, can be violent. But Gottlieb views these episodes as resets rather than reversals, especially when physical markets remain tight.

“Corrections are healthy,” he said. “What matters is whether support forms — and so far, it has.”

A Structural Re-Rating, Not a Bubble

Although gold and silver are expected to experience some volatility in 2026, Gottlieb said both remain well supported, as precious metals are no longer viewed as fringe hedges or contrarian trades.

Throughout 2025, analysts and institutions began seriously questioning the traditional 60/40 portfolio model. Over the past year, many analysts have recognized the value of a more diversified portfolio, with potentially up to 20% allocated to hard assets.

“This was the structural change in 2025,” Gottlieb said. “In 2026, people don’t need to discover gold and silver — they already believe in them.”

Source: kitco

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Justin

Stocks

WASHINGTON (dpa-AFX) - Stocks have shown a lack of direction over the course of the trading day on Tuesday, with the major averages bouncing back and forth across the unchanged line following the weakness seen in the previous session.

Currently, the major averages are posting modest losses. The Dow is down 112.52 points or 0.2 percent at 48,349.41, the Nasdaq is down 38.18 points or 0.2 percent at 23,436.17 and the S&P 500 is down 9.28 points or 0.1 percent at 6,896.46.

The choppy trading on Wall Street comes as traders seem reluctant to make significant moves ahead of the release of the minutes of the Federal Reserve's latest monetary policy meeting this afternoon.

The minutes of the Fed's December meeting, when the central bank decided to lower interest rates by another quarter point, may provide further insight about officials' divergent views about the likelihood of further rate cuts in the new year.

While the Fed is widely expected to leave interest rates unchanged at its next meeting in late January, rates are expected to be at least another quarter point lower by the end of 2026, according to CME Group's FedWatch Tool.

On the heels of the Christmas holidays last week, some traders may also remain away from their desks ahead of the New Year's Day holiday on Thursday.

In U.S. economic news, a report released by MNI Indicators showed a significant rebound by its reading on Chicago-area business activity in the month of December.

MNI Indicators said its Chicago business barometer jumped to 43.5 in December after plunging to 36.3 in November. Economists had expected the index to rise to 39.5.

While the Chicago business barometer largely offset the steep drop seen in November, it remained below 50 for the twenty-fifth consecutive month, indicating a continued contraction.

Sector News

Reflecting the lackluster performance by the broader markets, most of the major sectors are showing only modest moves on the day.

Biotechnology stocks have shown a notable move to the downside, however, with the NYSE Arca Biotechnology Index falling by 1.1 percent.

On the other hand, gold stocks are rebounding along with the price of the precious metal, while an increase by the price of crude oil is also contributing to some strength among oil service stocks.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region turned in another mixed performance during trading on Tuesday. Japan's Nikkei 225 Index shed 0.4 percent, while Hong Kong's Hang Seng Index advanced by 0.9 percent.

Meanwhile, the major European markets have all moved to the upside on the day. While the U.K.'s FTSE 100 Index is up by 0.7 percent, the French CAC 40 Index and the German DAX Index are both up by 0.6 percent.

In the bond market, treasuries are giving back ground following the strength seen in the previous session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 2.0 basis points at 4.136 percent.

Source: TradingView

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Adam

Forex

The British pound spent much of 2025 rebounding before stalling into uncertainty, with Federal Reserve and Bank of England policy divergence driving volatility. Looking into 2026, sideways but mildly bearish price action favors selling rallies amid choppy, headline-driven conditions.

British Pound / US Dollar Analysis (GBP/USD)

To begin with, let’s take a look at where this pair sets towards the end of the year as it hangs around this 1.34 region. It is sitting below the highs of the year, which is significant because, as this video is recorded, the reality is there are a lot of questions being asked about the Federal Reserve and, of course, the currency markets in general, specifically the British pound. But to understand how we got here, we need to first step back and take a look at the year to begin with 2025.

The British Pound’s 2025 Performance

You can see that almost immediately in 2025, the British pound bottomed and started to go higher. In fact, that wasn’t much of a surprise in the sense that if the dollar was going to lose strength during the year, the British pound would be expected to do fairly well. It had actually outperformed a lot of its contemporaries on the way down, meaning that when the US dollar was strengthening so much, the British pound just lost less. It looked a little bit more resilient.

British Pound Outlook for 2026: GBPUSD Risks Fade as US Growth Outperforms_1

GBP/USD chart

So, with all of that being said, it’s probably not surprising that it was one of the better performers on the way back up. The Federal Reserve transitioned from a tightening monetary policy to a patient, data-dependent stance. That was the first sign that maybe things were changing just a bit. They went from being overly hawkish to somewhat ambivalent and cautious. That being said, the markets multiple times during the year mispriced the dollar, not just against the British pound, expecting massive interest rate cuts and a return to super-easy money.

You also have to keep in mind that the Bank of England maintained a relatively hawkish stance early in the year, driven by sticky inflation, especially in the services sector of the United Kingdom. It did eventually soften a bit as growth concerns and sensitivity in the housing market became apparent. That is basically what started to happen right around the beginning of July, when the British pound started to show cracks in its strength.

Growth Divergence and Rate Differentials

The rate differential is pretty narrow, but it overall supports the US dollar. It just kind of depends on what the bond markets are doing at any given moment. The economic performance in the United States has been better than expected. While much of the year was spent plotting the death of the US economy, it turns out people in America still spend. It looks like a boom town in many places, with consumers continuing to buy. Whether that is on credit or cash is a different story, but it does provide growth.

The labor market in the United States is still really strong. It is not hard to find a job at all, and in fact, there is a shortage of workers, which is a good problem to have. The United Kingdom avoided a significant recession, but it did remain somewhat fragile. That fragility helped drive the pound lower. Mortgage resets weighed on consumption in the UK, unlike the United States, where fixed-rate mortgages insulate households from rate changes.

The British pound traded with more volatility than the euro and initially benefited from the hawkishness of the Bank of England. That being said, rallies often stalled during the year due to growth uncertainty and UK fiscal credibility concerns. Global sentiment was in flux at times, which often favored the US dollar regardless of UK-specific factors.

The British released a budget that was received positively, helping form a double bottom around the 1.30 level. That provided some support later in the year. However, the current technical structure shows a lot of uncertainty. The long-term trend going into 2026 appears sideways but mildly bearish. Momentum swings are short but violent, and despite the bullish start to 2025, the market spent a lot of time moving sideways.

GBP/USD Forecast for 2026

Looking ahead to 2026, the Federal Reserve is likely to ease gradually, with gradual being the keyword. The Bank of England is likely to be forced to ease, and markets already expect rate cuts. Interest rate differentials are slightly dollar positive. UK growth is expected to be weak but stable and vulnerable to shocks, while US growth continues to outperform. That US outperformance may catch many people off guard.

Bullish Scenario

The bullish case would require UK inflation to remain sticky, delaying rate cuts, while the Fed eases faster than anticipated. Improving global risk appetite could also help, with scenarios such as peace in Ukraine potentially weakening the US dollar through capital flows into higher beta currencies. Even then, any upside would likely be fragile and uneven.

Bearish Scenario

The bearish outlook carries roughly a 60% to 65% probability. UK growth could deteriorate faster than expected, forcing the Bank of England to cut earlier and more aggressively. US growth and yields remaining attractive would support the dollar. Any risk-off environment would also be very dollar positive. This would likely be a fade-the-rally market, grinding back toward 1.30 and potentially 1.2750 by year-end.

The base case for 2026 is choppy, headline-driven price action. Sterling is likely to remain one of the more volatile major pairs, favoring selling into strength. There is no clear trend unless growth differentials widen sharply, and if they do, it is likely in favor of the United States. Watch the 1.36 level for signs of dollar weakness and 1.32 as a gateway to lower pricing. A break below 1.30 could accelerate selling pressure. The most likely scenario is that rallies lasting a few days present opportunities to sell.

Source: fxempire

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Adam

Economic

Hundreds of billions of dollars spent, a surge in mental health concerns and thousands of jobs lost.

The link between it all? Artificial intelligence, the buzzy yet controversial technology being depicted as the future or the stock market’s next bubble, depending on who you ask.

Although AI has been a key technology behind the scenes for decades, the arrival of OpenAI’s ChatGPT in 2022 pushed the tech to the frontlines. The rise of AI chatbots like ChatGPT and Google’s Gemini has gradually influenced online services used by millions every day, from Google search’s AI Mode to the AI chatbots built into Instagram and Amazon. In other words, AI is starting to reshape the front door to the internet.

But 2025 was also the year AI expanded beyond our screens and began impacting national policy, global trade relations and the stock market. It also raised important questions about whether the tech should be trusted in our jobs, classrooms and relationships.

That’s expected to continue in 2026.

“In previous years, (AI) was a shiny new object… And I think this last year was a lot more serious uses of the technology,” said James Landay, co-founder and co-director of the Stanford Institute for Human-Centered Artificial Intelligence. “And I think people are waking up to actually understanding both some of the benefits and the risks.”

Regulation questions and mental health concerns

Count President Donald Trump among AI’s biggest believers; the technology has been a cornerstone of his second term so far.

For example, the CEO of chipmaker Nvidia, the posterchild of the AI boom, has become a fixture of Trump’s inner circle. And the president has used Nvidia’s and AMD’s AI processors as bargaining chips in the ongoing trade war with China.

This year, Trump introduced an AI action plan aimed at stripping back regulation and boosting AI use in the government.

He also signed multiple AI-related executive orders, including a controversial one seeking to block states from enforcing their own AI rules. The move was seen as a win for Silicon Valley, but online safety advocates fear it’ll enable tech companies to evade accountability for AI-related risks. Next year will likely see a legal fight over the order and states’ abilities to regulate AI — with some critics arguing it won’t hold up in court.

The absence of broad AI guardrails has been in the national spotlight this year and not for good reason. A slew of reports and lawsuits this year have alleged that AI companions like ChatGPT and Character.AI have contributed to mental health episodes and, in some cases, suicide among teens.

“Please don’t leave the noose out … Let’s make this space the first place where someone actually sees you.” That’s how ChatGPT is said to have responded when 16-year-old Adam Raine wrote that he wanted to leave a noose out in his room so that someone would find it and stop him before he committed suicide.

Raine’s parents sued OpenAI in August alleging that the popular chatbot advised the teen on his suicide.

OpenAI and Character.AI have since announced parental controls and other changes to improve teen safety, including removing the ability for teens to have back-and-forth conversations with chatbots on Character.AI’s app. Meta also plans to let parents block their children from chatting with AI characters on Instagram next year.

But it’s not just teens; a growing number of reports have indicated that AI has contributed to isolation from loved ones and breaks from reality among adults, too. One man told CNN that ChatGPT convinced him he was making technological breakthroughs that turned out to be a delusion.

OpenAI said it has worked with clinical mental health experts to enable ChatGPT to “better recognize and support people in moments of distress,” including by expanding access to crisis hotlines, pointing users towards professional help when needed and adding reminders to take breaks. Still, OpenAI has said it ultimately wants to “treat adult users like adults,” allowing them to personalize their chats and even discuss erotica with ChatGPT.

Psychiatrist and lawyer Marlynn Wei told CNN that she expects AI chatbots “will increasingly become the first place people turn for emotional support,” further underscoring safety concerns. Young users are among the most likely to turn to AI for support, she said.

“The limitations of general-purpose chatbots, including hallucinations, sycophancy, lack of confidentiality, lack of clinical judgment, and lack of reality testing, along with broader ethical and privacy concerns, will continue to create mental health risks,” she said via email.

Mental health experts and safety advocates say they hope to see greater guardrails from tech companies, especially when it comes to young AI users. But they worry the fight over regulatory power between the states and the federal government will impact the implementation of such mandated safety measures.

The bubble question

At the same time, huge investments are being poured into data centers and AI infrastructure. Meta, Microsoft and Amazon, among others, have spent tens of billions in capital expenditures this year alone, and McKinsey & Company expects companies to invest nearly $7 trillion in data center infrastructure globally by 2030.

That surge in spending has sparked concerns both for consumers and for Wall Street. Some Americans have watched their electricity bills climb and job prospects sink due to AI, while some companies behind the AI boom have seen their stock reach new heights.

The massive investments have also fueled worries that the hype and spending in AI is growing faster than the tech’s true value. That’s prompted investors to grill executives at Meta and Microsoft about future returns on their AI infrastructure investments during earnings calls this year. It doesn’t help that a relatively small group of companies have seemingly driven the investments, trading money and technology back and forth.

Christina Melas-Kyriazi, partner at Bain Capital Ventures, said it’s common for new transformative technologies to be “overbuilt.” The big question heading into 2026 is whether investors are prepared for the volatility that comes with it, especially since she says a market correction is “likely at some point.”

But they’ll likely have more data at their disposal to help make those decisions, said Erik Brynjolfsson, a senior fellow for the Stanford Institute for Human-Centered AI and director of the Stanford Digital Economy Lab. He said more dashboards will likely emerge in 2026 to track how AI is impacting productivity and jobs.

“The debate will shift from whether AI matters to how quickly its effects are diffusing, who is being left behind, and which complementary investments best turn AI capability into broad-based prosperity,” he said.

This year, thousands of tech workers were left jobless as a wave of layoffs swept the industry. Microsoft, Amazon and Meta, among other tech companies, made significant cuts to their staff, driven at least in part by AI.

Amazon laid off 14,000 corporate employees in October in an effort to operate more leanly in the age of AI. Meta let 600 workers go from its AI division, following an earlier hiring spree, so that it, too, could be more nimble.

Some believe AI will lead to more layoffs, while others say it’ll create fresh opportunities.

But one thing is certain: More change is coming.

“This was the year that we saw skill demands totally change when it comes to what is required to be able to pull off your job,” said Dan Roth, editor-in-chief of LinkedIn.

“…And I think the answer for next year is it just accelerates.”

Source: cnn

To stay updated on all economic events of today, please check out our Economic calendar

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Devin

Stocks

The S&P 500 Index opened little changed, with tech megacaps mixed. Tuesday's volume is likely to stay thin; Monday's volume had trailed the 20-day average by nearly 40%.

The Nasdaq 100 Index and Bloomberg's Magnificent Seven Index were also flat at 9:38 a.m. in New York. Energy and communications led S&P 500 sectors in the green, while consumer discretionary, materials and financials led declining sectors.

"Over the last several weeks, markets have pressed higher with quiet confidence despite the holiday-shortened trading session," Piper Sandler & Co.'s Chief Market Technician Craig Johnson wrote in a note, adding that "breadth continues to improve, trend indicators remain constructive, and volatility has broken key support."

In corporate news, Tesla Inc. slipped 0.8% after publishing a compilation of analyst estimates for vehicle deliveries in the current quarter that was more pessimistic than those gathered by Bloomberg. Meta Platforms Inc. climbed 1% after agreeing to buy Manus, a Singapore-based artificial intelligence agent with Chinese roots in a deal said to be worth more than $2 billion.

Investors seeking cutting-edge ways to play the AI trade are snapping up "pick-and-shovel" stocks. Data storage companies dominated the S&P 500 this year, with Sandisk Corp. the best performer after an almost 580% gain. The stock was little changed in Tuesday trading.

Mining stocks climbed as silver and gold recovered somewhat after plunging on Monday, with Newmont Corp. rising 0.65%. Molina Healthcare Inc. rallied 3.7% after famed investor Michael Burry reiterated his bullish view on the stock. Meanwhile, Boeing Co. advanced 1.60% after winning an up-to $8.58 billion US contract for Israel's F-15 program.

October housing data from the Federal Housing Finance Agency and from S&P Cotality Case-Shiller both showed slightly higher-than-estimated price increases, while the Federal Reserve is due to release minutes from its latest meeting this afternoon.

"As we look to 2026, the global economy continues to show impressive resilience," Citigroup Inc.'s global chief economist Nathan Sheets wrote in a note, adding that "we expect global growth to continue on a similar track through the next two years." He anticipates "pressures from the tariffs will take a further bite out of growth next year, but the overall effects look manageable."

Source: Bloomberg Europe

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Justin

Forex

Political

Economic

Wars -- both of the military and trade varieties -- elections, natural disasters, corruption scandals, the mushrooming scam center crisis, social unrest and a mixed bag of economic growth.

These are just some of the themes that dominated the news in Southeast Asia in 2025.

Long stretches of the Thai-Cambodian border have been disputed for more than a century. The neighbors' clashes over it this year, in July and again in December, have shown how precarious relations are and the nationalist forces at work in both countries.

The other regional conflict, Myanmar's almost five-year civil war, shows no sign of ending, but the regime has still decided to hold a general election over the next few weeks. Opposition groups, ASEAN and many Western states are against it.

Myanmar and Cambodia also made headlines for their numerous scam centers and the efforts, of varying legitimacy, to shut them down. These hotbeds of organized crime appear likely to stay for years to come.

Meanwhile, the region's economic news was dominated by having to adjust to U.S. President Donald Trump's "reciprocal" tariffs, which brought angst and uncertainty across the region.

In spite of this, Vietnam's economy continued to power ahead, in sharp contrast to some of its peers, particularly Thailand.

Political upheaval also rocked Thailand, where elections in February are unlikely to bring stability; the Philippines, where the families of President Ferdinand Marcos Jr. and Vice President Sara Duterte battled in midterm polls and then clashed over misappropriated flood-control funds; and Indonesia, where several days of deadly street protests highlighted how President Prabowo Subianto's first year in office has been rough going.

Prabowo's nationalism also came to the fore in his response to floods and landslides that killed more than 1,100 people. He rejected foreign aid, much to the anger of many victims of the natural disaster.

And in a spot of good news, East Timor, completed its yearslong odyssey to join ASEAN.

Our most popular stories from Southeast Asia in 2025 included:

· Thailand celebrates first LGBTQ weddings in Southeast Asia

· Philippines' Duterte arrested on ICC warrant: 5 things to know

· Singapore family office of rich Chinese hit by $55m fraud scandal

· 'It's tragic': Myanmar quake survivors describe slow pace of relief

· Philippine elections deliver surprise backing for ex-President Duterte

· Boycott-hit US brands in Malaysia and Indonesia scramble to reverse losses

· Indonesian markets, government rattled after deadly Jakarta protest

· War movie made by Vietnam's military a box office blockbuster

· Cambodian military families mourn as nation's Thai conflict toll exceeds 50

· Vietnam's new airline aims to make local island as popular as Bali, Phuket

· Malaysian PM Anwar faces critical test in Sabah state election

· In Indonesia's Aceh, slow flood aid spurs comparisons with 2004 tsunami

Source: Asia_Nikkei

To stay updated on all economic events of today, please check out our Economic calendar

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James Whitman

Political

● Leadership acknowledges protests stem from economic pressure, promises monetary reforms

● Iranian rial hits record low under Western sanctions impact

● Previous protests drew violent crackdowns, widespread arrests

Protests over Iran's soaring cost of living spread to several universities on Tuesday, with students joining shopkeepers and bazaar merchants, semi-official media reported, as the government offered dialogue with demonstrators.

Iran's rial currency has lost nearly half its value against the dollar in 2025, with inflation reaching 42.5% in December in a country where unrest has repeatedly flared in recent years and which is facing U.S. sanctions and threats of Israeli strikes.

President Masoud Pezeshkian said in a social media post late on Monday that he had asked the interior minister to listen to "legitimate demands" of protesters. Government spokesperson Fatemeh Mohajerani said a dialogue mechanism would be set up and include talks with protest leaders.

"We officially recognise the protests ... We hear their voices and we know that this originates from natural pressure arising from the pressure on people's livelihoods," she said on Tuesday in comments carried by state media.

PROTESTERS MARCH STREETS IN TEHRAN

Video of protests, verified by Reuters as taking place in Tehran, showed scores of people marching along a street chanting "Rest in peace Reza Shah", a reference to the founder of the royal dynasty ousted in the 1979 Islamic revolution.

Footage aired on Iranian state television on Monday showed people gathered in central Tehran chanting slogans.

The semi-official Fars News Agency reported that hundreds of students held protests on Tuesday at four universities in Tehran.

On social media, some Iranians voiced support for the protests with one, Soroosh Dadkhah, saying high prices and corruption had led people "to the point of explosion" and another, Masoud Ghasemi, warning of protests spreading across the country.

Iranian authorities have quashed previous bouts of unrest that have flared over issues ranging from the economy to drought, women's rights and political freedoms, with violent security actions and widespread arrests.

The government has not said what form dialogue will take with the leaders of this week's demonstrations, the first major protests since Israeli and U.S. strikes on Iran in June, which prompted widespread expressions of patriotic solidarity.

SANCTIONS HAMMER ECONOMY

Iran's economy has been in deep trouble for years after U.S. sanctions were reimposed in 2018 when U.S. President Donald Trump ended an international deal over the country's nuclear programme during his first term in office.

United Nations sanctions on the country were reimposed in September and Reuters reported in October that several high-level meetings had been held on how to avert economic collapse, circumvent sanctions and manage public anger.

Economic disparities between ordinary Iranians and the clerical and security elite, along with economic mismanagement and state corruption - reported even by state media - have fanned discontent at a time when inflation is pushing many prices beyond the means of most people.

The currency slid to 1.4 million rials to the U.S. dollar on Tuesday according to private exchange platforms, a record low after starting the year at 817,500 rials to the dollar.

Monthly annualised inflation figures have not dropped below 36.4% since the Iranian new year started in late March according to official figures.

On Monday the central bank chief resigned with Iranian media saying the government's recent economic liberalisation policies had put pressure on the open-rate rial market, where ordinary Iranians buy foreign currency. Most businesses use official currency exchanges where the rial price is supported.

In 2022, Iran was buffeted by protests across the country over price hikes, including for bread, a major staple.

Over the same period and into 2023, the country's clerical rulers faced the boldest unrest in years touched off by the death of a young Iranian Kurdish woman, Mahsa Amini, in the custody of the morality police, who enforce strict dress codes.

Iran remains under intense international pressure, with Trump saying on Monday that he might back another round of Israeli airstrikes if Tehran resumed work on ballistic missiles or any nuclear weapons programme.

The U.S. and Israel carried out 12 days of airstrikes on Iran's military and its nuclear installations in June aimed at stopping what they believe were efforts to develop the means to build an atomic weapon.

Iran says its nuclear energy programme is entirely peaceful and that it has not tried to build a nuclear bomb.