Asian stocks dive in early trading as gold rises after Israel strikes Iran
Stocks dived in Asian trade on Friday morning, while oil and gold prices rose after Israel conducted a major military assault on Iran.
Japan's Nikkei had lost 1.3 per cent, South Korea's Kospi dropped 1.1 per cent and Hong Kong's Hang Seng shed 0.7 per cent as at 8.51am UAE time.
Gold prices rose 1.5 per cent to about $3,427 per ounce as investors rushed to safe haven assets on the escalation of hostilities in the Middle East.
In other markets in Asia, China's Shanghai's composite as well as Shanghai A share index were both down 0.72 per cent as at 9.19am UAE time. The Shenzhen A share index and Shenzhen component index were also trading lower.
Taiwan's Taiex index was down 0.7 per cent.
In India, the BSE 100 fell 0.85 per cent, while Australia's S&P/ASX index declined 0.3 per cent.
Iranian media reported strikes on Tehran on Friday morning after Israel launched a 'pre-emptive' attack on nuclear and military sites across Iran, marking a major escalation that brings the two countries to the brink of an all-out war.
Global stock markets were already under pressure as a result of tariffs announced by the US President Donald Trump.
The rising tension in the Middle East is expected to add another layer of uncertainty to markets.
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