Precious Metals Surge on Middle East Tensions
Precious metals prices rallied sharply amid escalating military conflict in the Middle East, fueling safe-haven demand. Gold surged over 1.5% to trade around $4,071, while silver gained more than 4.5% to surpass the $59 mark. The moves followed comments from US President Donald Trump indicating Washington was "not finished at all with Iran," increasing concerns of a wider conflict.
US Dollar and Yields Rise Amid Geopolitical Risk
The US Dollar also strengthened on a safe-haven bid, with the US Dollar Index (DXY) reaching a one-week high as risk appetite deteriorated. This strength was evident against other major currencies like the British Pound and Swiss Franc. Concurrently, US Treasury yields climbed to a two-month high, reacting to both the heightened Iran tensions and an associated surge in oil prices.
Energy Markets React to Supply Concerns
Energy markets responded strongly to the geopolitical developments, with West Texas Intermediate (WTI) crude oil prices advancing over 2.6% to trade around $84.40. The rally was driven by fears that the escalating US-Iran conflict could lead to significant disruptions in global oil supplies.
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