As of September 29, Comex silver futures were at $61.15 per ounce, down 1%, while gold futures traded at $4169.9 per ounce, down 0.02%. Spot silver returned 15% in August, beating gold’s 13% gain. Global gold ETFs saw about $18 billion of net inflows in August, the second-largest monthly inflow on record, lifting total holdings to a record near 4,000 tonnes. High silver prices are starting to curb green-industry demand, while gold continues to draw support from central-bank buying and safe-haven flows.

US consumer inflation cooled in July, with the CPI easing to an annual rate of 3.40%, pointing to reduced price pressures. Traders have also shifted expectations for US monetary policy, with the CME FedWatch Tool showing a 69.90% implied probability that the Federal Reserve will keep rates unchanged at its September 16 meeting, up from 47.60% a month earlier. Geopolitical tensions in West Asia have added to demand for safe-haven assets. Separately, industrial demand for silver is expected to reach a record 710 million ounces this year, supporting MCX gold and silver prices.

Indian quick-commerce startup Zepto has paused its IPO plan and is now seeking to raise more than Rs 1,000 crore, or roughly $105 million, through a pre-IPO placement. The move follows discussions over issue size and valuation, as domestic mutual funds were said to value the company at $2.5 billion to $3 billion post-money, below Zepto’s $4 billion to $5 billion expectation and its $7 billion valuation from a private round just over six months ago. Investors also raised concerns about Zepto’s cash burn, with reports estimating it at Rs 865 crore per quarter and implying only three quarters of cash reserves. The company plans to revisit a public listing after improving profitability and reducing its quarterly burn to around Rs 700 crore.

India’s quick-commerce startup Zepto may move its IPO timeline back from its post-approval plan for April 2026 as it negotiates a sharp valuation cut, with an IPO valuation discussed at around $3 billion versus $7 billion in its October 2025 funding round. Investors are seeking a valuation 30–40% below Zepto’s proposed $4–5 billion range, and the company has updated its DRHP to raise up to Rs 8,010 crore while existing shareholders sell 113 million shares. The negotiations underscore cooling market sentiment toward loss-making consumer tech models and add pressure to valuation expectations for similar India-based unicorns.

On July 23, global crude oil prices rose to a six-week high after the United States carried out fresh strikes on Iran and Yemen’s Houthis attacked oil tankers in the Red Sea. The move revived worries about inflation, lifting the 2-year U.S. Treasury yield to a 17-month high of 4.33% and softening demand for gold as a safe haven. In India, MCX gold futures fell 1.45% to 143561 rupees per 10 grams. Markets are awaiting guidance from the U.S. Federal Reserve’s policy meeting on July 29.

Indian equities fell sharply in early trade on July 20 after escalating U.S.-Iran tensions pushed international crude oil prices above $90 a barrel. The BSE Sensex slipped 0.72% and the NSE Nifty 50 fell 0.59%. Banking and financial stocks led the decline, with HDFC Bank and Axis Bank down more than 5% each.

Alpine Texworld will open its IPO on July 14, offering 12 million new shares to raise Rs 126.25 crore at a price band of Rs 100–105 per share. The company, which operates in fabric dyeing, processing and weaving, reported FY26 total income of Rs 350.18 crore, up about 47% year on year, and profit after tax of Rs 21.72 crore, up 152%. Proceeds are slated for a new weaving facility, repayment of certain borrowings and general corporate purposes. The deal is a domestic fundraise by an unlisted Indian textile company and does not involve listed global traditional assets.

India’s National Stock Exchange launched electronic gold receipts (EGRs) on May 18, 2026, aiming to bring an estimated 25,000 tonnes of privately held gold into a regulated, tradable framework. India’s gold import bill reached $71.98 billion in FY2025-26, a record high that accounted for more than 9% of merchandise imports. EGRs let investors hold, trade and redeem physical gold electronically, increasing the “velocity” of existing stocks and reducing reliance on fresh imports. The mechanism is framed as a structural reform that does not change overall demand, but could smooth the timing of imports.

On June 18, 2026, India’s Sensex and Nifty traded in a narrow range. Investors weighed the U.S. Federal Reserve’s signal that additional rate hikes could still be on the table, raising concerns about a stronger dollar and capital outflows from emerging markets. At the same time, oil price relief from a pullback in crude eased pressure on India’s inflation and external imbalances.