Stocks plunged across Asia on Friday morning as oil and gold prices surged following Israel’s large-scale military strike on Iran.
By 8:51 a.m. UAE time, Japan’s Nikkei index had dropped 1.3%, South Korea’s Kospi fell 1.1%, and Hong Kong’s Hang Seng lost 0.7%.
Gold prices rose sharply by 1.5%, reaching around $3,427 per ounce, as investors sought safety amid growing tensions in the Middle East.
Other Asian markets also declined. China’s Shanghai Composite and Shanghai A-share indexes were down 0.72% at 9:19 a.m. UAE time. The Shenzhen A-share and Shenzhen Component indexes were similarly lower. Taiwan’s Taiex index fell 0.7%.
In India, the BSE 100 slipped 0.85%, and Australia’s S&P/ASX index dropped 0.3%.
The escalation came after Iranian media reported attacks in Tehran early Friday. Israel launched a “pre-emptive” strike targeting Iran’s nuclear and military sites, raising the risk of a full-scale war between the two countries.
Markets were already under pressure due to tariffs announced by U.S. President Donald Trump. The rising conflict in the Middle East adds further uncertainty to the global financial outlook.
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