Asian markets fell sharply on Friday as renewed concerns over heavy investments in artificial intelligence dented tech sentiment, with Microsoft’s surge in AI spending reviving fears of stretched valuations. Precious metals retreated from record highs, while oil prices eased on hopes of de-escalating US-Iran tensions

Gold prices surged to a fresh record near USD 5,600 on Thursday as investors flocked to safe-haven assets after former US President Donald Trump threatened military action against Iran over its nuclear programme. Rising geopolitical tensions also pushed oil prices higher, while a softer US dollar added momentum to precious metals