Global gold prices fell sharply in the week of July 13–18, 2026, with spot gold down about 2–3% for its biggest weekly loss in more than a month. Comex Gold for July delivery settled at $4012.70 per troy ounce, down 2.23% on the week. Expectations that the Federal Reserve will keep interest rates higher for longer, alongside rising U.S. Treasury yields and a stronger dollar, weighed on the appeal of non-yielding gold. Despite escalating Middle East tensions, safe-haven buying did not materially offset the pressure.

The US Senate has introduced the “Lindsey O. Graham Sanctioning Russia Act of 2026,” proposing 100% tariffs on India, China, Slovakia, Hungary and Azerbaijan for importing Russian crude oil or natural gas, aiming to curb funding for Russia’s war. The proposal includes a 180-day review mechanism to update the targeted-country list and adjust tariff rates. It would exempt certain European countries that meet specified conditions. If passed, the measure would directly affect trade flows of major buyers of Russian oil and could reshape expectations around global crude supply rebalancing while also influencing gas-to-oil substitution dynamics and LNG demand.

Stocks fell in early trading on Wednesday as renewed US-Iran tensions pushed Brent crude up 2.55% to USD 76.05 a barrel. India’s Sensex and Nifty dropped sharply, while Japan’s Nikkei 225 and South Korea’s KOSPI also moved lower. The report cited moves in assets including 1OILBRENT, Nikkei and KR200, but did not provide a formal code for the BSE Sensex (often represented as “BE” in some YAML conventions).

Gold and silver posted steep pullbacks in Q1, with gold down 12% for its worst quarterly showing in 13 years and silver down 18% for its weakest in four years. On June 30, COMEX gold was 28% below its January peak, while silver was down 59.5%. Analysts attributed the slide to a stronger dollar—after the dollar index broke above 102 to a 13-month high—alongside increasingly hawkish signals from the Federal Reserve. Gold was steady at $4047 an ounce, while silver edged down to $59 an ounce.

India should diversify its crude import routes, expand strategic reserves and cut reliance on Gulf suppliers to better withstand future disruptions, according to an S&P Global report. The report said recent Middle East tensions raised risks to shipping through the Strait of Hormuz, affecting an estimated 15 million barrels per day of global oil flows. It added that Indian refiners have lost around 20% of pre-conflict Middle East crude supplies and are accelerating purchases from alternatives including Russia, the US, Brazil and Nigeria. India’s crude processing fell to about 5.23 million bpd in April 2026, down 5.8% from March.

India raised its customs duty on gold imports to 18.4% from 9.2% starting May 13, 2026, and has not yet reinstated banks as designated gold importers, leaving only three authorised entities. Monthly gold import volumes have fallen to 2530 metric tonnes (MT) from 75100 MT previously, a drop of more than 65%, according to a senior government source. As the world’s second-largest gold consumer after China, India’s import slump is affecting global physical gold flows. Silver duties were also raised, and the tighter import channel is expected to exert similar spillover pressure.

India and Japan have formally adopted implementation rules for the Joint Crediting Mechanism, setting the operational framework for bilateral low-carbon projects and the transfer of emission-reduction credits. Separately, a Zero Carbon Analytics report says Japan’s resales of US LNG to Asia, including India, in 2020–2025 generated annual supply-chain emissions comparable to 17 coal-fired power plants. The report attributes the footprint largely to methane leakage and combustion, underscoring the LNG supply chain’s hidden carbon costs.

Brent crude fell 0.49% to USD 78.44 per barrel, its lowest level in nearly three months. India’s Sensex and Nifty extended a four-session winning streak in early trade, up 271.61 points and 55.35 points, respectively. Analysts said softer oil prices could ease inflation pressures, improve the trade balance and support corporate earnings. Foreign investors were net sellers of Indian shares worth Rs 749.18 crore on Tuesday.

India’s central government and the states of Assam and Nagaland have signed a tripartite memorandum of understanding to remove long-standing administrative and operational restrictions and advance development of the Assam-Nagaland oil and gas belt. The area is estimated to hold about 500 million tonnes of petroleum and natural gas resources, but current output is only around 1,000–1,500 barrels a day. Under the agreement, production could increase more than tenfold over time, potentially within a decade. Assam currently accounts for 14% of India’s crude oil output and 10% of its natural gas production, and additional supply would strengthen domestic energy self-reliance.