According to CoinMeta, concerns about the depreciation of the US dollar are supporting gold prices, with the market focusing on the much-anticipated speech by Federal Reserve Chairman Jerome Powell this week. Senior market analyst Kelvin Wong stated that the narrative of a weakening dollar, coupled with concerns about the US budget deficit, continues to support gold in the medium term. The US Treasury Department previously announced an expansion of its purchases of longer-term bonds issued earlier, which sparked concerns about a weaker dollar and led to a rise in gold prices of over 5% last week. Wong added, "The market is waiting for Powell's speech to gain a clearer understanding of how the Federal Reserve will respond to the current economic situation. If he does not provide specific forward-looking monetary policy guidance, then the market's current pricing for interest rate hikes is likely to remain largely unchanged." Additionally, the Prime Minister of Qatar will visit Tehran to restart diplomatic efforts. The United States and Iran have previously accused each other, with the dispute centered on Washington's commitment to increase economic pressure on Tehran through sanctions against Iranian trade partners.