Middle East escalation drives gold to record highs. Israeli and U.S. strikes on Iranian infrastructure triggered a sharp market reaction, with spot gold surging nearly 1% to $5,125.84 per ounce as investors sought safe-haven assets. Asian economies face severe energy disruption, with Bangladesh paying record spot LNG prices exceeding $28 per MMBtu. The conflict threatens critical global supply routes, particularly the Strait of Hormuz. Markets showed mixed signals, with Japan's TOPIX index recovering slightly despite early losses. The U.S. Treasury issued a temporary waiver allowing Russian oil shipments to reach India, aiming to stabilize global energy supplies amid regional tensions. Central banks across Asia are prioritizing market stabilization over other policy objectives as geopolitical uncertainty reshapes commodity markets and inflation expectations.