Fresh U.S.-Iran military strikes over the weekend in the Gulf helped push oil prices higher, adding to inflation concerns and reinforcing expectations for three Federal Reserve rate hikes this year, with markets pricing about an 80% chance of a December increase. Spot gold fell 0.7% to $4,061.35 per ounce. The metal was headed for a fourth straight monthly decline, bringing the cumulative drop to 10.4%.

Gold slid to $3,971.08 an ounce on Thursday, dropping below the key $4,000 level for the first time in seven months. Silver and platinum also fell to $56.61 and $1,560.60, respectively, both hovering near their lowest levels since November. Markets have reinforced expectations for three Federal Reserve rate hikes this year, with a 67% probability of a September move, alongside the dollar index rising to a 13-month high. Investors are awaiting upcoming U.S. PCE inflation data for further clues on the policy path.

On June 23, global spot silver fell 5% to $61.90 per ounce, its lowest level since June 11, while India’s domestic silver futures slumped by ₹2.25 lakh per kilogram. Hindustan Zinc, one of India’s major silver producers, dropped 5% on the day and touched an intraday low of 544 rupees. The report said the company’s revenue and profit are highly sensitive to silver prices, with silver down 15% month-to-date and about 50% off its May peak.

In early trading on June 22, Brent crude futures steadied below $80 a barrel after international diplomatic progress eased tensions around supply corridors. Shares of India’s three oil marketing companies—BPCL, HPCL and IOCL—moved narrowly higher at 0.23% to 0.83%, while ONGC rose 0.10% and Oil India Limited slipped 0.11%. Investors turned more cautious, watching upcoming domestic consumption data and corporate earnings. The softer crude price offered a mild cost-side tailwind for refiners, but did not spur strong risk-taking.

Reliance Industries said Jio Platforms has filed its draft red herring prospectus (DRHP) with SEBI for a planned $4 billion IPO, which could rank among India’s largest offerings. Before the IPO, Reliance Industries holds 66.43% of Jio, with the remaining stake held by Meta Platforms, Google and other institutional investors. The report said Indian insurers, pension funds, domestic mutual funds and foreign institutional investors may cut positions in existing holdings to free up cash for the Jio allocation. It added that such moves would reflect institutional rebalancing rather than any change in fundamentals.

Ukrainian drones attacked the Kapotnya refinery in Moscow, owned by Gazprom Neft, and a misfired air-defense missile reportedly caused severe damage to its Euro+ processing unit, which accounts for nearly half of the facility’s capacity. The refinery supplies more than a third of the fuel used in Moscow and surrounding areas. The incident sparked a fire, sent thick black smoke into the air, and damaged pipelines and storage tanks, with effects also reported in a nearby commercial area. Officials said gas stations continued operating normally, though the plant’s effective processing capacity has been materially weakened.

Meta unveiled a range of AI-powered advertising and commerce upgrades at the Cannes Lions International Festival of Creativity 2026, spanning Facebook, Instagram, Threads and WhatsApp. The company said the updates include automated customer identification, personalised creative generation and expanded Advantage+ automation. Meta also introduced shopping experiences designed to shorten the path from product discovery to purchase. Threads advertising is being broadened as the platform reaches 500 million monthly active users.

Citigroup has delayed its expected start of U.S. Federal Reserve rate cuts to October 2026, citing a more hawkish tilt among officials and rising inflation concerns. New Fed Chair Kevin Warsh began his tenure with a broad policy review as nearly half of policymakers now anticipate rates could rise this year. Traders have fully priced in a 25basispoints hike by October. Oil prices have pulled back after Iran and the U.S. agreed to restore flows through the Strait of Hormuz, though uncertainty over the deal remains.

Iran and the United States have finalized a memorandum of understanding aimed at ending hostilities and reopening the Strait of Hormuz. Iran’s Foreign Ministry spokesperson said Tehran’s missile program and broader defensive capabilities will not be on the table during the 60day negotiation process. He also rejected any proposal to move Iran’s enriched nuclear material abroad and said the process of lifting sanctions on Iran’s oil sector begins immediately. He warned that continued Israeli military operations in Lebanon would be treated as a breach of the understanding.