On June 23, spot silver fell 2.4% to $64.01 per ounce, extending a near-50% pullback from its previous peak. Expectations of a U.S. Federal Reserve rate hike and easing geopolitical tensions reduced demand for safe-haven assets, while the dollar index moved above 101, adding pressure to dollar-priced metals. Hindustan Zinc, India’s only pure listed silver play, dropped 5% as silver contributes 45–50% of its EBIT, leaving the stock highly sensitive to price moves.

The U.S. issued a 60-day license allowing Iran to sell oil on the international market, offering Tehran an economic buffer as nuclear talks show partial progress but public differences remain over inspection terms. Brent crude edged up to trade above $78 a barrel. MSCI’s Asia regional share gauge slipped 0.2% in early trading, with South Korea’s Kospi down 1.3% and Japan’s Nikkei 225 off 0.3%. S&P 500 futures also moved lower amid a cautious risk backdrop.

SpaceX is entering the bond market for the first time after its IPO, aiming to fund AI infrastructure and development of its next-generation Starship rocket. The company said cash reserves have climbed past $100 billion, while increased spending has weighed on profitability. SpaceX also signed a computing-power agreement with Reflection AI worth up to $6.3 billion for access to Nvidia GB300 chips, CNBC reported.

On June 22, MCX gold August futures traded at ₹1.47 lakh per 10 grams, down 1.41%, after slipping below the key ₹1.51 lakh support level and weakening the technical setup. MCX silver July futures rose 0.92% to ₹2.35 lakh per kg, supported by fresh buying on dips. Analysts said higher U.S. Treasury yields and expectations of elevated interest rates weighed on non-yielding gold, while reported progress in Iran-U.S. peace talks offered only a brief stabilisation attempt amid continued tensions around the Strait of Hormuz. If gold falls below ₹1.46 lakh per 10 grams, it could extend losses toward ₹1.40 lakh per 10 grams.

JPMorgan and Kotak Institutional Equities upgraded HPCL, BPCL and IOC to ‘Reduce’ from ‘Sell’, setting target prices of ₹400, ₹320 and ₹150, respectively. They pointed to a more than 30% correction in crude oil from recent highs, which they said has lifted integrated refining-and-marketing margins to above prewar levels. Kotak said it does not expect OMCs to report losses in FY27 and sees strong earnings in FY28 and FY29 if crude averages around $75 per barrel. Both brokerages described the stocks as near-term tactical plays whose performance remains closely tied to further easing in oil prices.

On June 22, COMEX gold fell 0.51% to $4,224.20 per ounce, while silver rose 0.46% to $66.625 per ounce. Iran said progress had been made in quadrilateral talks with the United States in Switzerland, easing geopolitical tensions and pushing Brent crude futures down 0.5%. Fed officials signaled rates could stay high through the end of 2026, but the easing geopolitical backdrop weakened safe-haven demand for gold. Physical demand stayed soft in India, China’s gold premium flipped to a discount, and Switzerland’s May gold exports fell 9% month on month.

Donald Trump renewed threats to strike Iran, stoking concerns of escalating tensions in the Middle East as talks over Iran’s nuclear program and the reopening of the Strait of Hormuz were said to continue. Brent crude climbed more than 1% to around $81.50 a barrel, while gold steadied after marking a third straight week of losses. Asian equities broadly advanced, with Japan’s Nikkei 225 up nearly 1.5%, even as US stock futures weakened. The move in oil provided the clearest market reaction, while gold saw only limited haven support.

An explosion and fire broke out at the Barzan local gas supply facility in Qatar’s Ras Laffan Industrial City, and QatarEnergy said the incident stemmed from a technical fault during startup operations, with the blaze now under control. Ras Laffan handles about 77 to 80 million tonnes per annum of LNG exports—close to 20% of global LNG trade—and also produces products including aluminium and urea. The incident occurred as U.S. and Iranian delegations held talks in Geneva, while force majeure on some LNG contracts that had already been extended to mid-August adds to supply-disruption concerns.

Kirloskar Oil Engines (KOEL) said it has won a 192 MW power-systems order from HyperNext for a large AI-enabled data centre project in India. The deployment includes 96 units of KOEL’s 2500 kVA Optiprime Dual Core systems. In Q4 FY26, KOEL reported net profit of ₹158.6 crore, up 21% year-on-year, while revenue rose 21% to ₹2,116.2 crore.