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Markets live updates: Global stock sell-off hits ASX, trade halted in Korea as market plunges
Investor fears of a drawn-out Middle East war, surging oil prices and potentially higher inflation are hitting Australian shares, with the ASX down 2 per cent, after stronger-than-expected economic growth fuels rate hike speculation.
Earlier, Wall Street managed to claw back most of its losses after Donald Trump said the US would protect oil tankers in the Strait of Hormuz.
Gold's sell-off this week is a reminder to investors that, even with rising demand for safe havens, the ultimate safe-haven asset isn't immune if market forces work against it, says Josh Gilbert, a market analyst at eToro.
"The most immediate pressure is coming from a repricing of interest rate expectations.
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