March 4, 2026 — Today's Market News — Gold and Silver Rally as Risk Fears Return — Silver Surges 3.3%, Gold Up 1.3%

Global Markets

(A) Precious Metals

Gold rose to $5,164.42/oz (+1.5%) as risk-off hedging returned amid escalating geopolitical uncertainty, even as the dollar stayed firm.

Silver outperformed at $84.86/oz (+3.4%), benefiting from renewed hedging demand.

(B) Energy

Brent Crude Oil climbed to $81.40/bbl (+2.0%). Oil prices rose as the U.S.–Israel conflict with Iran disrupted energy supply in the Middle East. Iran has targeted ships near the Strait of Hormuz, a key route that carries about 20% of the world's oil.

Iraq — the second-largest OPEC oil producer — cut output by approximately 1.5 million barrels per day due to storage constraints and export disruptions, tightening global supply.

(C) Foreign Exchange

The Dollar Index (DXY) held firm at 99.208 (+0.1%) as investors sought safe assets.

USD/INR fell to a record 92.30 (−0.9%), pressured by escalating Middle East conflict and oil concerns, since India imports over 80% of its crude oil.

Stock Market

United States

• Nasdaq Composite: 22,748.86 (−232.17 pts, −1.02%)
• S&P 500: 6,811.62 (−64.99 pts, −0.94%)

U.S. equities declined as Middle East tensions elevated oil prices and inflation fears. Higher inflation could delay rate cuts, dampening equity valuations.

Major Mover:

• Blackstone (−3.82%) — The stock declined after investors withdrew approximately $3.7 billion from its flagship BCRED fund in Q1 2026, representing 7.9% of the $82 billion fund. Concerns centered on valuation, transparency, and rising risks in the $2 trillion private credit sector, compounded by troubles at rival Blue Owl Capital.

United Kingdom

• FTSE 100: 10,484.13 (−302.18 pts, −2.75%)

UK stocks fell sharply amid Middle East conflict spillovers and elevated global uncertainty. Investors reduced risk exposure as inflation and slower growth fears mounted.

Major Movers:

• HSBC (−1.49%) — Banking stocks declined as rising oil prices fueled inflation concerns and reduced rate-cut expectations.
• IAG (−0.90%) — The British Airways parent fell after canceling Middle East flights and offering passengers rebooking or refund options due to war tensions.

Volatility & Positioning

VIX closed at 23.57, signaling elevated market uncertainty.

What Traders Are Watching

1. Oil and energy supply risk — further disruption could intensify inflation fears and extend rate-cut delays.
2. Volatility regime and liquidity — whether VIX sustains above the low-20s will influence deleveraging and intraday stability.
3. USD/JPY and policy sensitivity — sustained moves around the high-150s maintain Japan-intervention risk and cross-asset hedging flows in focus.