Sterling fell 0.23% to $1.3234, snapping a four-day run of gains. The pound ended June down 0.2% and was down 1.6% in the first half of the year. The dollar’s advance was supported by rising U.S. Treasury yields ahead of upcoming employment data and market focus on comments from new Fed Chair Kevin Warsh. In the UK, uncertainty over Labour Prime Minister Keir Starmer’s expected exit and the possibility of Andy Burnham succeeding him added to concerns about the recovery under fiscal constraints.

Zinc futures on the Multi Commodity Exchange (MCX) fell by Rs 3.85 per kg to Rs 360.35 per kg on July 1, a decline of 1.06%. The July contract recorded turnover of 1,080 lots. Analysts said weaker physical demand from consuming industries prompted market participants to cut long positions, weighing on prices.

Gold fell 1% to $3,969.03 per ounce, hovering near a seven-month low, while silver, platinum and palladium also declined. Higher 10-year U.S. Treasury yields and a firmer dollar pressured bullion, as Federal Reserve officials reiterated that a September rate hike remains possible, with the CME FedWatch Tool showing a roughly 67% chance. Separately, Iran said it would not meet with senior U.S. envoys, heightening Middle East risks and pushing oil prices higher.

A U.S. Supreme Court ruling in Trump v. Slaughter granting Donald Trump the power to fire members of independent agencies has intensified scrutiny of the EU-U.S. Data Privacy Framework, which underpins €1.7 trillion in transatlantic trade each year. European privacy regulators and activists argue the decision weakens the independent oversight they say is essential to protect Europeans’ data from excessive U.S. surveillance. The European Data Protection Board has begun assessing the judgment’s potential implications for the framework, while Noyb and French lawmaker Philippe Latombe are pursuing separate legal challenges. If the framework is revoked, companies that rely on it, including major U.S. technology firms, could face major disruption to cross-border data transfers.

Iran declined to hold a U.S.-led bilateral meeting in Doha, dimming hopes for a Middle East ceasefire. The move marked a sudden diplomatic breakdown rather than a routine statement. Markets reassessed the security of energy shipments along the Red Sea–Persian Gulf corridor, pushing oil prices higher in the short term. The report pointed only to upward pressure on crude, without citing other assets.

U.S. stock index futures were broadly lower, with S&P 500 and Dow futures down 0.4% and Nasdaq futures off 0.55%. New York gold futures slid 1.6% to $3,974 an ounce as Treasury yields pushed to one-week highs, with the 2-year at 4.175% and the 10-year at 4.464%. Traders leaned further into expectations for additional Federal Reserve rate increases ahead of Thursday’s June nonfarm payrolls report and remarks expected from new Fed Chair Kevin Warsh at the Sintra forum. Tech names including ASML and Micron were weaker in premarket trading.

A Michigan judge ruled that the state attorney general’s lawsuit challenging Kalshi’s sports event contracts must proceed in state court and barred the company from offering the contracts to Michigan residents while the case continues. The decision rejected Kalshi’s bid to move the dispute to federal court under the Commodity Exchange Act and questioned whether sports prediction contracts qualify as CFTC-regulated swaps. The same judge also denied preliminary injunction requests from Polymarket and Robinhood over similar contracts earlier in the month. The case underscores a growing clash between federal commodities oversight and state gambling enforcement, raising compliance pressure for brokerages and platforms expanding into prediction markets.

On July 1, gold and silver extended a second straight day of declines at home and abroad as markets weighed expectations for higher US interest rates and fading prospects of a near-term US-Iran diplomatic breakthrough. MCX gold for August fell 1.18% to Rs 1,40,844 per 10 grams, while spot gold dropped 0.92% to $3,970.97 per ounce. Silver also slid across futures and spot markets, adding to the pullback in precious metals. Oil prices rebounded on reports that Iran had restarted crude exports after the lifting of the US naval blockade, increasing pressure across commodities.