Gold has surged to an all-time high of $2,800 per ounce in after-hours trading as investors scramble for safe-haven assets amid the Iran-US war. The precious metal has gained over 8% in a single session — the largest one-day move since the COVID-19 panic of March 2020. Gold futures for April delivery are trading even higher at $2,830.
The flight to safety extends beyond gold. Silver has jumped 6%, platinum is up 4%, and Bitcoin has crossed $95,000. US Treasury yields have plunged as bond prices surge. The US dollar is strengthening against virtually all currencies except the Swiss franc and Japanese yen — the traditional safe-haven currencies.
Analysts expect gold to remain elevated as long as the military conflict continues. Historical precedent suggests wartime gold premiums of 10-20% above pre-crisis levels. If the conflict escalates into a broader regional war, $3,000 gold is within reach according to several major banks.
Major oil companies suspend tanker movements through the Strait of Hormuz following the outbreak of military conflict. Brent crude closed at $74 Friday but analysts project Monday opening between $85-$110.
S&P 500 futures trading indicates a potential 3-5% drop at Monday's open. Defense stocks surging in after-hours trading while airline and travel stocks plummet on Gulf airspace closures.
Gold prices spiked to an all-time high of $2,800 per ounce in after-hours trading as investors scrambled for safe-haven assets. The US dollar strengthened while emerging market currencies plunged.
OPEC announced an emergency ministerial meeting for Sunday as the Iran crisis threatens to remove up to 4 million barrels per day from global oil supply. Saudi Arabia pledged to stabilize markets.
Cryptocurrency markets surged as investors sought alternatives to traditional markets. Bitcoin crossed $95,000 for the first time while gold-backed tokens saw record trading volumes.
European natural gas futures jumped 18% as traders priced in potential disruptions to Qatar's LNG exports through the Strait of Hormuz. Qatar supplies roughly 25% of Europe's LNG imports.
The Dubai Financial Market announced it will not open for Sunday trading. Abu Dhabi Securities Exchange issued a similar suspension. Combined market capitalization at risk exceeds $800 billion.
War-risk insurance premiums for tankers and cargo ships transiting the Persian Gulf skyrocketed by 500%. Major insurers at Lloyd's of London placed the entire region in their high-risk exclusion zone.
Asian stock markets opened in freefall as the Iran crisis triggered widespread panic selling. Japan's Nikkei fell 4.2% at open while Hong Kong's Hang Seng tumbled 5.1%.
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