The US and Iran paused military action over the weekend, while Iran also held talks with Oman over shipping through the Strait of Hormuz. Brent crude sank more than 7% at the open to below $90 a barrel, while gold climbed 1% to $4,094.03 an ounce. Gold had held support near $4,000 for weeks, and the easing of geopolitical risk pushed down inflation expectations and reduced pressure for the Federal Reserve to raise rates, offering short-term support for bullion.

India’s Bihar state has selected Punjab National Bank’s (PNB) investment banking arm to lead preparations for an initial public offering of Bihar State Power Transmission Co. Ltd. (BSPTCL). The IPO is set to combine a fresh share issue with a sale of existing shares by the state government, with proceeds earmarked for transmission infrastructure and monetisation of the state’s holding. As of 31 March 2025, BSPTCL reported total assets of ₹21,112 crore and FY25 net profit of ₹286 crore, up nearly sixfold year on year. The process has not yet reached filing or pricing and remains within routine underwriting activity.

Missile exchanges between the U.S. and Iran intensified this week, slowing shipping through the Strait of Hormuz and stoking fears of oil supply disruptions. Attacks on vessels in the Red Sea by Yemen’s Houthi rebels added to concerns over broader risks to key shipping routes. Brent crude briefly moved above $100 a barrel before settling at $96.78, while WTI closed at $89.31. The conflict has heightened worries about disruptions along major global supply corridors, acting as a bullish catalyst for international oil futures.

COMEX gold rebounded to above $4,070 an ounce, while silver climbed to $59 an ounce. The article says investors are assessing how tensions in the Middle East may affect markets. It adds that gold and silver are traditional safe-haven assets whose price moves are positively correlated with geopolitical risk.

Field surveys in North Dakota put spring wheat yields at 48 bushels an acre, well below the US Department of Agriculture’s estimate of 58 bushels an acre. US wheat output is projected to be the lowest since 1970-71, adding to supply concerns after weaker Kansas winter-wheat prospects, heat in Europe and Black Sea shipping warnings. Wheat futures are up nearly 40% in 2026, with several contracts recently moving above $7 a bushel.

IndiGo reported its FY2024 Q1 earnings, with revenue up 20% year on year but a net loss of ₹238 crore, swinging from a profit a year earlier. The airline said the loss was driven by sustained cost pressures. The result diverged sharply from market expectations of a temporary profit recovery in the aviation sector, prompting a reassessment of its cost controls and pricing power.

Preliminary data from the Bank of Korea showed South Korea’s GDP grew 0.6% quarter-on-quarter in Q2 2024 on a seasonally adjusted basis, beating a 0.4% market forecast. Year-on-year growth came in at 3.7%, also above expectations of 3.5%. The expansion was driven mainly by a lift in semiconductor exports. Following the release, the KOSPI rose 3.04% and Samsung Electronics climbed as much as 4.8%.

Comex gold futures rose above $4,170 per ounce to a record high, while silver futures extended their winning streak. The move was driven mainly by rising safe-haven demand as markets reacted to heightened geopolitical or macro uncertainty. The article describes this as spot commodities trading activity that fed directly into gold and silver futures prices through a clear asset-price transmission path.

India’s cotton sowing area stood at 92.53 lakh hectares as of 17 July, down 5.96% year on year. Cotton output fell from 336.6 lakh bales in FY23 to 290.24 lakh bales in FY26, tightening domestic supply as imports rose 54.9% to $1.89 billion. The government has waived cotton import duty until October 2026 and is pushing the Cotton Corporation of India to supply mills directly. Experts said any El Niño-related rainfall shortfall could prompt farmers to shift toward cotton, but sowing is still at an early stage and near-term supply-demand disruptions are not evident.