Iran launches missiles and drones at Kuwait, escalating regional conflict and pressuring safe-haven assets like gold.
Gold prices fell sharply as hostilities between Iran and the US escalated in the Gulf, with Iran launching missiles and drones at Kuwait. The attack marks a geographic expansion of the conflict beyond the Strait of Hormuz, raising concerns over regional stability and energy infrastructure security.
Earlier, the US struck an Iranian ground control station in Bandar Abbas after intercepting attack drones near US forces and commercial shipping. Iran denied any meaningful damage, while both sides provided conflicting accounts of the incident. The ceasefire remains officially intact but is increasingly fragile.
The USD strengthened amid the escalation, while oil prices rose on fears of supply disruptions. Markets are monitoring the situation for further signs of de-escalation or broader conflict.