The Reserve Bank of India has introduced a USDINR forex swap facility for fresh FCNR(B) dollar deposits and will absorb the full hedging cost, prompting banks to lift deposit rates to about 6-7%. NRIs booked nearly $7 billion of FCNR(B) deposits in June, and overall inflows are projected to reach $50 billion by October. As the rupee has firmed from around ₹97 to ₹94.6 against the dollar, domestic gold prices have fallen 6% in a month and are down 14% from their March record high. The expected inflows could keep rupee-denominated gold prices under pressure even if global bullion prices stay stable.

Laser Power & Infra Ltd (LPIL) will open a ₹742 crore IPO on July 9, comprising a ₹542 crore fresh issue and a ₹200 crore offer for sale. The company plans to use the net proceeds primarily to repay or prepay ₹490 crore of borrowings, with the balance for general corporate purposes. In FY26, LPIL reported revenue of ₹2,326 crore and net profit of ₹151 crore, and its order book stood at ₹3,243 crore. LPIL manufactures power cables and conductors, serving clients including Indian Railways, Odisha distribution companies and private EPC firms.

On July 3, 2026, retail gold prices rose across major Indian cities, with 22-carat gold broadly up ₹295 per gram and 24-carat gold gaining ₹309–315 per gram. In Mumbai, Chennai and Hyderabad, 24-carat gold was priced above ₹14,385 per gram. The uniform move higher points to firmer local physical demand and rupee-denominated import cost pressure.

On July 2, international spot gold rose 1% to $4,070 an ounce, while India’s domestic gold quote rebounded by ₹3,000 to ₹1.47 lakh per 10 grams. Spot silver climbed 1.3% to $59.89 an ounce, and the domestic quote reached ₹2.4 lakh per kilogram. The move was driven by more dovish-sounding remarks from US Federal Reserve officials and a softer dollar index, alongside a stronger yen that hinted at possible Bank of Japan intervention.

As of July 2, 2026, aluminium on the London Metal Exchange was quoted at $3,100 a tonne, up 3% year to date, while copper stood at $13,300 a tonne, up 7.5% year to date. Several institutions said the US-Iran conflict has effectively removed about 3 million tonnes of aluminium capacity and 2.3 million tonnes of copper capacity from the market, leaving a 1.8 million-tonne aluminium supply deficit and a tightening copper supply backdrop. They added that even as geopolitical tensions ease, the lost capacity is unlikely to return quickly, and rapid destocking and broad-based restocking by downstream users in China are expected to underpin a price rebound.

India’s government kept the July 2026 domestic sugar allocation unchanged at 22 lakh tonnes, matching a year earlier. Cumulative quotas for the 2025-26 season are about 3% lower year on year, and sugar exports have been fully banned from May 13 through Sept. 30. Uttar Pradesh’s July allotment fell 9%, while Maharashtra and Karnataka saw increases of 8.5% and 31%. Retail prices in the Delhi-NCR region have risen to about ₹50/kg and the all-India average stood at ₹47/kg on June 30, according to Consumer Affairs Ministry data.

On June 30, MCX silver futures for the September contract settled at ₹2,26,327 per kilogram after rebounding nearly 2% (+₹3,693) from the day’s low. The move tracked gains in global markets, with Comex silver futures for September up 1.28% to USD 59.38 per ounce. The rebound followed steep declines in recent sessions, pressured by expectations of tighter US Federal Reserve policy and a stronger dollar. Analysts attributed the bounce to value buying at lower levels.

Renewed U.S.-Iran tensions in the Gulf, including attacks that slowed energy shipping through the Strait of Hormuz, lifted oil prices and boosted demand for the dollar. The dollar index (DXY) has risen 2.5% in June, marking its biggest monthly advance in nearly a year. Markets are focusing on upcoming U.S. nonfarm payrolls data and comments from new Fed Chair Warsh at the ECB forum to gauge the interest-rate path. The euro, sterling, Australian and New Zealand dollars, and the yen have all come under pressure.

Gold and silver could remain under pressure next week, as a stronger U.S. dollar, rising Treasury yields and a sharp pullback in crude oil—nearly 10%—dilute their inflation-hedge appeal. Last week, gold and silver futures fell 2.06% and 6.4%, while Comex gold slid 3.5% to $4,096.3 per ounce. Analysts said geopolitical risks may offer some support, but macro headwinds are expected to dominate.