On July 1, COMEX gold fell 1.13% to $3,993 per ounce, marking a seven-month low, while silver dropped 2.93% to $57.735 per ounce. The market was pressured as the probability of a Federal Reserve rate hike in September rose to 67%, alongside stalled US-Iran talks that reinforced expectations of tighter policy. Investors are awaiting the ADP employment report later in the day and Thursday’s nonfarm payrolls data to better gauge the path of interest rates.

The United States and Iran agreed to pause hostilities, and commercial shipping through the Strait of Hormuz quickly resumed, easing concerns about oil supply disruptions. Brent crude fell below $74 a barrel and WTI slipped below $71, leaving oil prices on track for a quarterly decline. The Dow hit a record high, while the S&P 500 and Nasdaq are up more than 8% and 11.1% in the first half, respectively, pointing to a strong half-year for U.S. equities.

Former NITI Aayog member Ramesh Chand and The Indian Express agriculture editor Harish Damodaran said a June monsoon rainfall shortfall, alongside a strengthening El Nino, poses significant risks to rainfed crops in India. They flagged soybean—more than 95% dependent on rainfall—along with cotton, groundnut, pulses and millets as the most exposed. Rice prices, however, are seen as relatively stable because irrigation coverage is high and buffer stocks are comfortable. They also warned that India’s heavy reliance on edible-oil imports, combined with global weather disruptions, could lift food inflation above 6% in some months, according to The Indian Express.

Shilpa Medicare subsidiary Shilpa Biologicals has partnered with Finland’s Orion to co-develop and exclusively supply an intravenous nivolumab biosimilar for the European market. Shilpa will manufacture the drug at its facility in Dharwad, Karnataka, while Orion will handle registration, marketing and distribution across Europe. The drug recorded about $4.1 billion in sales in Europe in 2025, based on IQVIA/IMS data cited by the company. Shilpa Medicare shares rose more than 5% after the announcement; financial terms were not disclosed, though the deal includes milestone payments and long-term supply revenue.

Chinese DRAM maker ChangXin Memory Technologies (CXMT) has signed a long-term server DRAM supply agreement with Tencent worth more than 20 billion yuan ($2.94 billion). The contract is set to run for several years, with people familiar with the matter saying it spans up to three years or up to five years. The deal comes as CXMT prepares for a planned listing on Shanghai’s STAR Market and provides a major commercial endorsement ahead of the IPO, according to those people. CXMT is China’s only DRAM maker producing at scale, with about 7.7% market share, and is pushing to expand capacity to roughly 600,000 wafers per month.

On June 25, COMEX gold fell to $3,999 an ounce, slipping below the $4,000 level, while COMEX silver dropped 1.77% to $57.06 an ounce. The move followed a broad rally in the US dollar index to a 13-month high, while markets priced in as many as three additional Federal Reserve rate hikes this year, with elevated odds for September, raising the opportunity cost of holding non-yielding assets. Investors are awaiting US data including the PCE price index and GDP for clues on the policy path.

Waterways Leisure Tourism’s IPO moved into its third day of bidding after the issue was 51% subscribed by the end of Day 2. Retail demand led the book, with that portion subscribed 2.34 times, while the QIB tranche had no bids. The grey market premium stood at ₹5, implying a potential listing gain of around 0.6%.

On June 23, spot silver fell 2.4% to $64.01 per ounce, extending a near-50% pullback from its previous peak. Expectations of a U.S. Federal Reserve rate hike and easing geopolitical tensions reduced demand for safe-haven assets, while the dollar index moved above 101, adding pressure to dollar-priced metals. Hindustan Zinc, India’s only pure listed silver play, dropped 5% as silver contributes 45–50% of its EBIT, leaving the stock highly sensitive to price moves.

The U.S. issued a 60-day license allowing Iran to sell oil on the international market, offering Tehran an economic buffer as nuclear talks show partial progress but public differences remain over inspection terms. Brent crude edged up to trade above $78 a barrel. MSCI’s Asia regional share gauge slipped 0.2% in early trading, with South Korea’s Kospi down 1.3% and Japan’s Nikkei 225 off 0.3%. S&P 500 futures also moved lower amid a cautious risk backdrop.