Gold Surges 2% on Middle East Conflict, Dollar Weakness
Gold prices rebounded sharply, rising 2% as escalating Middle East tensions and a weaker dollar boosted safe-haven demand. Spot gold hit $5,175.39 per ounce, with silver also gaining 4.5%.
Gold prices rebounded sharply, rising 2% as escalating Middle East tensions and a weaker dollar boosted safe-haven demand. Spot gold hit $5,175.39 per ounce, with silver also gaining 4.5%.
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South Korea's benchmark KOSPI stock index suffered its worst-ever sell-off, plunging over 12% as geopolitical tensions and oil price spikes triggered a massive market rout.
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RecommendedPassengers on an American Airlines flight to Dubai endured a 16-hour ordeal as the plane turned back over Spain due to US military strikes against Iran, highlighting wider travel chaos in the Middle East.
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Experts warn UK energy bills could rise by £160 to £1,800 annually in July, driven by soaring wholesale costs from the Middle East conflict, potentially offsetting recent government support.
Major tour operators like Intrepid Travel, Tui, and G Adventures have cancelled or postponed trips to Middle Eastern destinations due to the Iran-US war, with refunds and rebooking options available for affected customers.
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The ongoing Middle East conflict is severely impacting maritime and port workers worldwide, causing shipping delays, increased costs, and heightened safety concerns in global trade routes.
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Australian officials reassure citizens about fuel supplies, detailing strategic reserves and addressing panic-buying concerns as Middle East tensions impact global oil markets.
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Petrol prices in the UK have surged to 169.9p per litre, with 90-car queues at pumps due to Iran conflict fears. Chancellor Rachel Reeves meets energy chiefs as oil prices jump 20%.
Iran's claim of complete control over the Strait of Hormuz has caused maritime traffic to plummet by 80%, disrupting global oil and gas supplies and threatening triple-digit oil prices.
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Celestyal Cruises has ended its Arabian Gulf season prematurely due to the Iran conflict, cancelling sailings and leaving ships stranded in Dubai and Doha.
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RecommendedUK households are being advised to secure fixed-rate energy deals as providers withdraw offers amid rising wholesale gas prices due to Middle East conflict.
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The National Institute of Economic and Social Research warns that persistent energy price spikes from Middle East conflict could force the Bank of England to raise interest rates above 4%, impacting inflation and GDP.
The Co-operative Bank is offering customers up to £175 for switching current accounts, plus a 7% Regular Saver. The bank will donate to Refuge for each switch, funding safe nights for domestic abuse survivors.
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