On Jul 6, gold in India fell Rs 150 to Rs 1,50,650 per 10 grams, while silver dropped Rs 5,000 to Rs 2,40,000 per kilogram. In overseas trade, spot gold was quoted at USD 4,160.60 an ounce and silver at USD 62.24 an ounce. A stronger US dollar weighed on bullion demand as traders cut positions ahead of the US ISM Services data and further inflation signals.

A breakdown in US-Iran talks and a sharp escalation in military conflict are prompting markets to reassess the Federal Reserve policy outlook alongside softer US PCE inflation and upcoming US jobs data. Gold fell 2.06% over the week and silver dropped 6.4%, while Comex gold slid 3.5% to USD 4,096 per ounce. Crude prices corrected by nearly 10% during the week, easing inflation concerns and undercutting gold’s dual appeal as a safe haven and an inflation hedge.

India’s benchmark Sensex and Nifty rebounded by about 1% on Wednesday, with the Sensex up 790.54 points to 76,991.22 and the Nifty rising 197.55 points to 24,021.65. The move was driven mainly by a 1.69% drop in Brent crude to USD 75.78 per barrel, alongside strong buying in banking and IT stocks. The report also referenced moves in Brent, the Nasdaq, the S&P 500 and the Nikkei, but the Brent decline was highlighted as the direct trading catalyst.

India’s retail petrol and diesel prices have not been cut despite softer international crude prices, as state fuel retailers are still drawing down inventories bought at higher rates, Petroleum Minister Hardeep Singh Puri said. He said the central government absorbed a cost of about Rs 10 per litre through excise duty reductions, limiting the cumulative increase in 2024 to Rs 7.60. Puri added that, in real terms, prices were effectively unchanged compared with levels during the RussiaUkraine conflict that began in 2022.

A Bank of America Securities report said demand for ecommerce and internet services in India remains resilient, with Myntra widening its lead in fashion and Flipkart continuing to rank first for user engagement. The brokerage reiterated “Buy” ratings on MakeMyTrip, Eternal, Swiggy, Delhivery and Paytm, citing factors including easing geopolitical tensions, lower energy prices, steady FMCG and value-commerce shipment volumes, and no slowdown seen at third-party logistics providers. The report said it did not identify any direct drivers tied to traditional commodities, equity indices or foreign exchange assets.

6月18日，受美联储6月议息会议释放鹰派信号影响，白银期货大幅下挫。印度MCX白银7月合约跌3.5%至24.299万卢比/千克；COMEX白银7月合约跌3.34%至68.40美元/盎司。美联储维持利率不变，但9名FOMC委员预计年内仍会加息，强化‘higher-for-longer’预期，压制贵金属表现。

An interim US-Iran agreement to end hostilities and reopen the Strait of Hormuz pushed oil prices to a multiweek low, easing inflation concerns and lifting precious metals. Spot gold rose to USD 4,340.65 per ounce and silver climbed 4.04% to USD 70.74 per ounce. In India’s national capital, gold jumped Rs 2,500 to Rs 1,59,400 per 10 grams and silver rose to Rs 2,60,700 per kg, according to PTI.