On March 2, the situation in the Middle East escalated suddenly, causing severe fluctuations in global markets, with significant capital flowing into safe-haven assets. On Monday morning in Asia, spot gold and silver opened higher across the board, and international oil prices soared by $8 at one point, while U.S. stock index futures generally fell.
Spot gold rose to $5374 per ounce, an increase of 1.8%; spot silver reported $96 per ounce, an increase of 2.6%. International oil prices surged sharply, with Brent Crude rising to $82.37 per barrel at one point, and WTI Crude Oil rising to $80.82 per barrel. The market is concerned that escalating Iran-U.S. conflicts may impact shipping through the Strait of Hormuz, which carries about a quarter of the world's maritime oil trade.
In the U.S. stock market, the three major stock index futures opened lower, with Nasdaq and Dow futures down over 1%, and S&P 500 futures down over 0.9%. Funds are flowing into traditional safe-haven assets such as U.S. Treasury bonds, gold, and Swiss francs.
Multiple agencies warn that if oil prices continue to rise to the range of $90–100 per barrel, inflationary pressures may once again emerge, potentially forcing the Federal Reserve to adjust its interest rate cut path. Some strategists point out that current global stock market valuations are high, and combined with geopolitical shocks, 'de-risking' trades may dominate the market in the short term.