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Gold, US dollar or Singapore stocks? Where to seek shelter as Middle East conflict escalates
Get ST's newsletters delivered to your inboxThe US dollar index is on course for a 1.4 per cent gain this week, offsetting declines earlier in the year and bringing the currency to a net gain for 2026.
ST PHOTO: KUA CHEE SIONG

Published Mar 06, 2026, 11:03 AM
Updated Mar 06, 2026, 11:13 AM
SINGAPORE - Financial markets have been on a rollercoaster since
the United States and Israel first launched military strikes against Iran on Feb 28
that killed its supreme leader Ayatollah Ali Khamenei and other senior commanders.
Tensions continued to rise through the week, with
the US torpedoing an Iranian naval ship in international waters in the Indian Ocean
– one of about 20 vessels the US military said it has struck – as Iran retaliated across the Persian Gulf by striking US bases, surrounding Gulf cities and oil facilities.
The escalating conflict has jolted global energy markets with shipping through the Strait of Hormuz all but halted, affecting a fifth of the world’s supply of oil and liquefied natural gas.