climb

Their frustrating midseason slump was finally in the rear-view mirror, their season finally feeling back on the right track.

Any reservations about USC righting the ship after losing six of seven had largely been forgotten on the heels of a four-game winning streak. Victories over No. 8 Iowa, Rutgers, Northwestern and Illinois, two of which came on the road, had cemented its place on the right side of the NCAA tournament bubble.

But as the Trojans were reminded in a 79-73 win over Indiana at Galen Center, now is no time to get comfortable — even if Thursday’s victory had marked their longest winning streak of the season.

The Hoosiers certainly never let USC settle in, even as freshman Jazzy Davidson poured in another stat-stuffing performance that would have to carry a stagnant Trojan offense for much of the way. It would take an aggressive defensive effort, too, complete with 19 forced turnovers, to put Indiana away.

That it took such a hard-fought effort to escape a team that’s 3-11 in the Big Ten and was without the Big Ten’s leading scorer, Shay Ciezki, was not exactly reassuring, as USC (16-9 overall, 8-6 in the Big Ten) enters the final four games of their regular season slate. Two of those four are against top 10 teams, Ohio State and UCLA.

But where the Trojans might have slipped up earlier in the season, they held tight Thursday.

“We were tough where we needed to be when shots weren’t falling,” coach Lindsay Gottlieb said. “Our confidence to get it done when it’s not always prettiest is something that we’re proud of.”

Outside of a stellar second quarter, Thursday’s win certainly would not be remembered for being aesthetically pleasing. Over the rest of the game, Trojans shot under 32% from the floor. Their issues from three-point range persisted, as they made just three of 19 from behind the arc. Over their last four games, they’ve knocked down just 11 of 68 (16%).

They wouldn’t need them Thursday, not with Davidson looking as dynamic as ever. The freshman sensation followed up a career-high, 27-point performance with 24 points, along with six rebounds, three assists and three steals. She did so while playing all 40 minutes.

“You talk about overdelivering,” Gottlieb said, “To be a freshman and carry the load for us and continue to grow, the numbers are really showing it … she’s just capable of doing almost anything on a basketball court.”

That much has been abundantly clear over the last seven games, with Davidson as she’s averaging 20 points, six assists, five rebounds, two steals and two blocks per night. She credited that outburst with being more comfortable down the final stretch of the season.

The Trojans will likely go as far as their dynamic freshman can take them as March approaches. But of late that’s been a pretty successful strategy.

“She’s unique,” Gottlieb said. “I know there are several good freshmen in the country. We know how good she is. We see it every day, and we think there’s no one better.”

USC didn’t look early on like a team that had found solid ground . The Trojans went six straight minutes in the first without a single field goal, then gave up an 8-0 run to Indiana in the final 1:22 of the quarter.

It was until Davidson turned it on in the second quarter that USC seized control. Fresh off her fifth Big Ten Freshman of the Week honors, Davidson tallied 10 points in the second alone, while the Hoosiers had just 13 total, USC’s defense clamping down after a sloppy start.

With Indiana’s attention on Davidson, Kara Dunn and Kennedy Smith would help the Trojans fire out front, as they combined for 20 points after half. But the Hoosiers tied the score just one possession into the fourth quarter.

An elbow to the face of guard Malia Samuels gave the Trojans free throws and a seven-point lead with just four minutes remaining in the game. Still, a foul from Dunn on a corner three-pointer by Indiana’s Maya Makalusky opened the door for the Hoosiers.

Makalusky, who led all scorers with 29, hit another three to once again cut the lead to a single possession.

But USC held on, with Smith applying the punctuation mark, snagging a driving Indiana lay-in out of mid-air with just a minute remaining. It was the sort of play that reminded what USC might be capable of, with everything working in concert.

It’ll need that to be the case, if it hopes to make noise come March.

“We’re in position to do all the things we set out to do,” Gottlieb said. “We’re as good and set up as any team outside of maybe the top group to get a great seed.”

Gold has risen more than 20% since the start of the year, surpassing the significant $5,500 milestone this week.

The precious metal’s rally, seen alongside a lift in commodities such as silver and platinum, is driven by a number of interlinking factors — including geopolitical tensions, rising government debt, and an uncertain outlook for interest rates and inflation.

Gold’s appeal is linked to the narrative that it is a safe haven asset, acting as a “hedge against inflation”. It typically increases in value when the dollar declines, it’s easily sold, and it’s also a tangible, finite commodity.

These factors are significant at a time when questions are being raised about the dollar, as well as fiat currencies like the Japanese yen. As government debt rises, so do fears around inflation and fiscal stability.

In the US, incendiary policies from the Trump administration are increasing market jitters around the health of the economy, prompting what some analysts view as a “sell America” trade. In recent weeks, the president has threatened to conquer Greenland, hinted at US intervention in Iran, sought to influence policy at the Federal Reserve, and launched an attack on Venezuela. To top that off, he’s also threatened more tariffs on trading partners, bringing back a well-worn tactic from 2025.

Although analysts argue that the dollar will not be unseated as the world’s reserve currency anytime soon, it seems investors are diversifying away from the greenback. The US’ next moves remain uncertain, and no one wants to be caught in the crosshairs. As an alternative to fiat currencies, gold may seem like a strong portfolio option.

“Investors previously bought US Treasuries as they were viewed as being quite risk-free. But especially because of the way that some wealth has been weaponised, certain countries are becoming more careful about how they allocate their capital,” said Simon Popple, managing director at Brookville Capital. “The dollar debasement helps the gold price,” he told Euronews.

Even so, Popple and other analysts stress that a major factor lifting the bullion price is far less complicated. As gold continues to make headlines, investors are caught up in the momentum, sparking a buying frenzy.

“People are naturally drawn to things they see moving and they’ve seen gold have an astonishing rally,” said Chris Beauchamp, chief market analyst at IG. “It’s bound to lead to an ignition of interest.”

He added that while gold has beneficial investment properties, the metal’s ability to hold its value is overstated, particularly in the short term. Gold’s position in the market notably shifted after former US president Richard Nixon decided to end direct dollar convertibility to gold in 1971. Put simply, countries no longer fixed their currencies to a specified amount of the precious metal.

“The gold standard is still invoked to suggest the metal is some kind of totemic asset we should have because it’s a fixed store of value. It’s not,” concluded Beauchamp.

Kenneth Lamont, a principal in Morningstar’s Manager Research Department, reiterated this message, also drawing comparisons between gold and crypto. While both are limited in supply, they are both “incredibly volatile”, he stressed.

“If you’re using either crypto or gold to buy something, it might be 30% less from one day to the next. It’s not actually a good store of value in the short term.”

While gold is much more established than bitcoin, and it has historically performed well over the long term, analysts stress that the unpredictability of both assets means the death knell is not yet ringing for fiat currencies.

Whether bullion’s price will continue to climb in the immediate future is a guessing game. Even so, given the precarious nature of global politics, it seems the metal may still have further to run.

Published on
29/01/2026 – 12:38 GMT+1

Oil prices rose on Thursday after US President Donald Trump warned Iran that “time is running out” and said a “massive armada” was heading towards the region if Tehran failed to agree to a nuclear non-proliferation deal.

In a Truth Social post, Trump said a fleet larger than the one sent to Venezuela was ready to “rapidly fulfil its mission, with speed and violence, if necessary” if Iran refused to negotiate a deal guaranteeing “no nuclear weapons”.

Global benchmark Brent rose by about 2.02%, trading at around $68.73 per barrel, while US crude (WTI) hovered around 2.15% higher, at $64.57 per barrel.

Trump previously threatened to attack Iran if it killed protesters during the ongoing protest movement across the country. Estimates of those killed range from around 6,000 to as many as 30,000, according to various reports.

Oil delivery disruptions

If the US were to escalate militarily, it could disrupt oil flows to countries that still trade with Iran.

Iran’s economy is already under heavy pressure from US secondary financial sanctions on its banking and energy sectors, compounded by the reimposition of JCPOA snapback sanctions.

These measures have severely limited Iran’s access to the Western financial system and constrained its ability to trade openly.

As a result, Iranian exports rely heavily on so-called “dark fleets,” ship-to-ship transfers and intermediary routes designed to obscure cargo origins along major maritime corridors.

Yet despite years of sanctions, Iran has retained access to oil markets, underlining the difficulty of fully enforcing restrictions on a high-value global commodity.

“Iran has a number of markets for its oil, despite the Western sanctions regime,” said Dmitry Grozubinski, a senior advisor on international trade policy at Aurora Macro Strategies.

China at centre of enforcement risk

China remains the largest buyer, with reports suggesting Iranian crude is often rebranded as Malaysian or Gulf-origin oil before entering the country.

“Independent refineries are purchasing it using dark fleet vessels, with transactions conducted through small private banks and in renminbi,” Grozubinski said.

Other destinations for Iranian oil and derivatives include Iraq, the UAE and Turkey, further complicating enforcement.

“It’s extremely difficult to maintain comprehensive sanctions on oil,” Grozubinski said, “especially when it requires policing transactions between Iran and states that don’t fully share Western priorities.”

China currently imports an estimated 1.2 to 1.4 million barrels of Iranian oil per day — around 80 to 90% of Iran’s crude exports.

US escalation could provoke Beijing

That dependence makes Beijing the central variable in any escalation. Analysts say China would be the most likely major economy to resist compliance and retaliate.

“Beijing has already signalled it would respond if Trump follows through,” said Dan Alamariu, chief geopolitical strategist at Alpine Macro, warning of renewed US–China trade friction.

One risk raised by analysts is the potential for China to again restrict exports of rare earths — a tool it has previously used during periods of trade tension — although such a move is considered unlikely in the short term.

“It’s not the base case,” Alamariu said, “but it’s not impossible.”