US-Israel-Iran War LIVE: Gold Rises On Safe-Haven Demand

India’s volatility index (VIX), often referred to as the market’s fear gauge, declined 17% on March 5 after surging as much as 52% over the previous two sessions, reported The Economic Times.

The earlier spike marked the sharpest rise since the week of the first Covid lockdown nearly six years ago, signalling heightened investor anxiety in recent trading sessions.

Basmati rice prices in India have fallen about 5–6% as the Iran–Israel conflict disrupts exports to the Middle East, a key market for the country’s premium rice, according to an Outlook Business report.

The region accounts for nearly half of India’s ₹50,000 crore basmati export trade. With shipments slowing and demand weakening amid the conflict, domestic prices have come under pressure. The disruption has also left consignments stranded at ports and in transit, creating uncertainty for exporters already dealing with payment delays and rising logistics costs.

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The Israel Defence Forces (IDF) on Thursday said it had begun a “large-scale” wave of strikes targeting infrastructure linked to Iran’s regime across the capital, Tehran, reported AFP.

In a statement, the Israeli military said the attacks were aimed at “infrastructure of the Iranian terror regime” in the heart of the city.

Qatar Airways will start operating a limited number of relief flights from March 5 to assist passengers stranded due to the current situation in the region.

The airline plans services from Muscat to London Heathrow, Berlin, Copenhagen, Madrid, Rome and Amsterdam, along with a flight from Riyadh to Frankfurt.

The Pentagon has identified two more US soldiers killed in a drone strike in Kuwait on Sunday, according to Al Jazeera.

They are Chief Warrant Officer 3 Robert Marzan, 54, of Sacramento and Major Jeffrey O’Brien, 45, of Indianola, Iowa. The Pentagon had earlier identified four other soldiers killed in the same attack on March 3.

Reliance Industries shares rose after brokerages said the recent correction appeared excessive and pointed to potential gains from higher crude prices amid Middle East tensions, reported The Economic Times.

Analysts expect possible supply disruptions to lift refining margins, with diesel cracks seen rising to $35–$42 per barrel, which could support Reliance’s oil-to-chemicals segment.

Kuwait’s Ministry of Interior said an explosion on a tanker occurred outside the country’s territorial waters, more than 60 kilometres from Mubarak al-Kabeer port.

Earlier, the UK Maritime Trade Operations (UKMTO) said that the master of a tanker at anchor reported hearing and seeing a large explosion on the vessel’s port side before a small craft was seen leaving the area, Al Jazeera reported. All crew members were reported safe. However, the vessel had taken on water and oil was seen leaking into the sea from a cargo tank, raising concerns about potential environmental impact.

European Union members are sending military aid to reinforce defences in Cyprus, reported CNBC TV18.

Authorities on the Mediterranean island had earlier shut down the international airport on March 4 after a suspected drone approached its airspace.

Gold prices edged higher as escalating tensions in the Middle East pushed investors toward safe-haven assets. Spot gold rose 0.8% to $5,177.26 per ounce, while US gold futures for April delivery climbed 1% to $5,186.40. The gains were also supported by a softer US dollar, which eased from a more than three-month high earlier this week, making dollar-priced gold cheaper for holders of other currencies and improving demand for the precious metal.