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Gold surpasses $5,000, yen strengthens on intervention fear

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Gold surged past $5,000 per ounce on Monday, buoyed by safety flows amid dollar weakness following a turbulent week where tensions over Greenland and Iran rattled investors, while markets remained on tenterhooks after violent spikes in the yen.

The yen rose over 1% to 153.99 per dollar as of 0427 GMT, after sharp spikes on Friday sparked speculation over potential intervention. The New York Federal Reserve conducted rate checks on Friday, sources told Reuters, raising the chance of joint U.S.-Japan intervention to halt the currency’s slide.

“The market’s inclination is to short the yen but the possibility of co-ordination means it no longer is a one-way bet,” said Prashant Newnaha, senior rates strategist at TD Securities in Singapore.

The prospect of joint intervention to support the yen pulled the dollar lower and broadly lifted other currencies.

Japan’s Nikkei dropped about 2% while S&P 500 futures fell 0.25% and European futures were 0.27% lower as traders awaited the Federal Reserve’s policy meeting later in the week.

U.S. President Donald Trump provided temporary relief to markets last week by reversing tariff threats and downplaying potential forceful action against Greenland. However, further sanctions targeting Iran have reinforced market anxiety.

Increased U.S. pressure against Iran is pushing oil prices higher and lifting safe-haven gold to record peaks. Precious metals, including silver , have surged in a blistering rally so far this year, also aided by a softer dollar.

INTERVENTION CHATTER KEEPS YEN ALOFT

While authorities in Tokyo declined to comment on the yen’s wild swings, sources told Reuters about the rate checks on Friday, leaving traders on edge at the prospect of an intervention that could come any time.

Japanese Prime Minister Sanae Takaichi said on Sunday her government will take necessary steps against speculative market moves.

Carlos Casanova, senior Asia economist at UBP, said the mere expectation of potential intervention could, in itself, contribute to some strengthening of the currency.

“The Japanese yen is likely to stabilise to some extent – though the catalysts for significant appreciation remain limited – while long-term yields are expected to face continued pressure at their current elevated levels.”

A steep bond market rout in Japan last week had put the spotlight on Takaichi’s expansionary fiscal policy as she called a snap election that is due for February 8. The bond market has since calmed somewhat, but investors remain jittery.

The yen was broadly firmer against other currencies too on Monday, inching away from the record low against the euro and Swiss franc and multi-decade lows against sterling.

Charu Chanana, chief investment strategist at Saxo, said the rate-check style warning could help reset positioning and remind the market there’s a line near 159–160.

“With the dollar starting to look softer, this is actually a cleaner window for Japan to lean against yen weakness. Intervention works better when it’s going with the broader USD tide, not fighting it.”

The dollar index , which measures the U.S. currency against six rivals, fell as much as 0.2% to a four-month low of 96.996 after dropping 0.8% on Friday in its biggest one-day drop since August.

Investor focus this week will also be on the Fed. The central bank is expected to hold rates steady at a meeting overshadowed by a Trump administration criminal investigation of Fed Chair Jerome Powell, whose term ends in May.

In commodities, oil prices were little changed after rising about 3% on Friday, with traders weighing the impact of Trump pressuring Iran through more sanctions on vessels that transport its oil.

Brent crude futures were flat at $65.91 a barrel, while U.S. West Texas Intermediate crude stood at $61.1 per barrel.

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Etihad Airways to launch twice-daily Kabul flights from July

The expansion marks the second increase in service since the UAE national carrier launched flights to the Afghan capital in March 2026.

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Etihad Airways will increase its flights between Abu Dhabi and Kabul to twice daily from July 15, citing strong demand for travel on the route.

The expansion marks the second increase in service since the UAE national carrier launched flights to the Afghan capital in March 2026.

Etihad initially began operating four flights per week to Kabul, but growing passenger demand has prompted the airline to significantly expand capacity on the route.

“The response to our Kabul launch has been exceptional,” said Arik De, Etihad’s Chief Revenue and Commercial Officer. “Demand has remained strong from day one, and moving to double-daily is a direct reflection of what our guests have been telling us with their bookings.”

The route is operated using Airbus A320 aircraft, configured with eight Business Class seats and 150 Economy Class seats.

The additional flights are expected to provide passengers with greater flexibility and improved connections through Abu Dhabi’s Zayed International Airport to destinations across Europe, the Middle East and other international markets.

The increase also reflects the close links between Afghanistan and the United Arab Emirates, which is home to a large Afghan community and serves as an important hub for business, trade and family travel.

Under the new schedule, Etihad will operate two daily services in each direction.

The first flight, EY312, will depart Abu Dhabi at 9:55 a.m. and arrive in Kabul at 1:25 p.m., with the return flight, EY313, leaving Kabul at 3:10 p.m. and arriving in Abu Dhabi at 6:00 p.m.

The second daily service, EY310, will depart Abu Dhabi at 2:45 p.m. and arrive in Kabul at 6:15 p.m., while EY311 will leave Kabul at 7:20 p.m. and land in Abu Dhabi at 10:10 p.m.

Etihad said the expanded schedule will offer travelers more convenient departure options and strengthen connectivity between Afghanistan and the airline’s global network.

The move also underscores Abu Dhabi’s growing role as a regional aviation hub and highlights increasing demand for air travel between the UAE and Afghanistan.

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ACCI chairman holds talks with U.S. and Russian representatives to boost trade and investment

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The Chairman of the Afghanistan Chamber of Commerce and Investment (ACCI), Sayed Karim Hashemi, held separate meetings with Jeffrey Grieco, Chairman of the Afghanistan-American Joint Chamber of Commerce (AACC), and Dmitry Zhirnov, Russia’s ambassador to Afghanistan, to discuss expanding trade, investment, and economic cooperation.

During his meeting with Grieco at ACCI headquarters, Hashemi emphasized the importance of strengthening economic and commercial ties between the private sectors of Afghanistan and the United States. He called for greater cooperation to connect Afghan businesses with American companies and investors, including Afghan-Americans, and highlighted opportunities for increasing Afghan exports to the U.S. market.

Hashemi also stressed the need for direct engagement between companies, traders, and investors from both countries, as well as cooperation in technology transfer, management expertise, and support for entrepreneurs and small and medium-sized enterprises. He further called for efforts to facilitate the release of Afghanistan’s frozen assets, describing them as belonging to the Afghan people.

Grieco reaffirmed the Afghanistan-American Joint Chamber of Commerce’s commitment to working closely with ACCI and noted that several American companies have expressed interest in investing in Afghanistan’s mining sector. He also invited Hashemi to meet a large delegation of American traders and investors expected to attend an upcoming economic event in Uzbekistan, where Afghanistan’s investment opportunities could be presented.

In a separate meeting, Hashemi met with Russian Ambassador Dmitry Zhirnov and discussed ways to strengthen trade and investment relations between Afghanistan and Russia. The discussions focused on expanding commercial ties, exchanging trade delegations, attracting joint investments, and creating stronger links between the private sectors of the two countries.

Hashemi called for the deployment of Russian specialists to assist Afghanistan’s private sector and support the transfer of technical knowledge and industrial expertise. He also proposed enhancing cooperation between the chambers of commerce of both countries and exchanging lists of active traders, investors, and companies to develop practical market-driven initiatives for economic cooperation.

For his part, Ambassador Zhirnov said trade between Afghanistan and Russia had shown positive growth over the past year but remained below its full potential. He stressed the need for greater efforts to increase bilateral trade and promote practical economic cooperation.

The Russian envoy also pledged to support ACCI’s efforts at international conferences and forums by promoting Afghanistan’s investment opportunities and major economic projects to Russian businesses and investors. He emphasized that stronger ties between the private sectors of the two countries would play a key role in expanding broader economic relations between Afghanistan and Russia.

The meetings reflect ACCI’s ongoing efforts to attract foreign investment, expand international trade partnerships, and strengthen Afghanistan’s economic engagement with both regional and global partners.

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Afghan banks to finance Herat–Mazar railway project

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Afghanistan’s central bank has announced that commercial banks will participate in financing the planned Herat–Mazar-e-Sharif railway project, a major infrastructure initiative estimated to cost nearly 55 billion afghanis ($780 million).

The announcement came during a joint meeting between officials from Da Afghanistan Bank, the Ministry of Finance and representatives of commercial banks, chaired by First Deputy Governor of Da Afghanistan Bank, Sediqullah Khalid.

According to the central bank, a financing mechanism for national development projects has recently been finalized in coordination with the Economic Deputy Office of the Prime Minister and the Ministry of Finance, creating a framework for commercial banks to invest directly in large-scale infrastructure projects.

Khalid said the banking sector could play a significant role in strengthening the national economy and accelerating the implementation of development projects through domestic investment.

He noted that discussions during the meeting focused on the Herat–Mazar-e-Sharif railway project, which is expected to stretch 657 kilometers across Afghanistan. The project is intended to boost economic growth, expand trade links and improve regional connectivity.

Khalid also said improved security conditions in the country have created a favorable environment for implementing major infrastructure projects, adding that the central bank would provide the necessary support and facilities to encourage private-sector participation.

Representatives of commercial banks expressed readiness to invest in the railway project, describing participation in national development initiatives as both an opportunity and a responsibility to contribute to Afghanistan’s economic growth.

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