Gold traded at a deeper discount in India as price swings damped retail demand, with dealers offering up to $19 an ounce below official domestic prices. In China, physical demand was steady and the central bank added 480,000 ounces to reserves in June, the biggest monthly increase since December 2021, extending its buying streak to 20 months and taking holdings to 75.44 million ounces, according to MKS PAMP. Hong Kong launched a central clearing system for gold and revived dollar gold futures trading. Elsewhere, discounts narrowed or flipped to premiums, pointing to improved regional liquidity and stronger policy support.

Gold in Delhi rose Rs 400 on Friday to Rs 1,48,500 per 10 grams, while silver jumped Rs 5,000 to Rs 2,37,000 per kilogram. The move was supported by bargain hunting after gold hit a one-week low and by a US dollar index that weakened for a third straight session. In international markets, spot gold slipped 0.43% to $4,106.25 per ounce, with analysts pointing to US-Iran diplomacy and upcoming US CPI data as key drivers for prices.

The U.S. said it is ending an interim arrangement with Iran, after which Iran said it had struck U.S. military bases in Bahrain and Kuwait, intensifying Middle East tensions. Crude oil jumped more than 5% in a day, stoking inflation worries, while markets have lifted the probability of a U.S. Federal Reserve rate hike in September to 68% and by January 2027 to 87%. Gold is being pulled between safe-haven demand and higher-rate expectations, and is now consolidating around a key $4,040–$4,090 per ounce technical band.

Tata Consultancy Services (TCS) shares fell nearly 2% in early trade ahead of its Q1 FY27 earnings, slipping to Rs 2,018.5 and taking its 2026 decline to 36.2%. The Nifty IT index dropped 1.54% at the same time. Investors are watching for updates on AI strategy execution, large deal wins expected at $7 billion to $10 billion, the pace of offshore IT demand recovery and how geopolitics could affect client spending. Analysts expect dollar revenue to dip 0.1% sequentially and EBIT margin to narrow by about 120 basis points.

Alpine Texworld is set to launch a mainboard IPO on July 14, offering 1.2 crore new equity shares to raise Rs 126.25 crore at a price band of Rs 100–105 per share. The Gujarat-based textile maker produces grey fabric and cotton and blended yarn. The company plans to use the proceeds to set up a new weaving unit, repay loans and fund general corporate purposes. The offering is a standard initial public issue with no major policy changes, industry breakthroughs or unusual financial movements, and it has no direct link to overseas traditional assets.

National Aluminium Company (NALCO) and NLC India have signed a joint venture agreement to form a 50:50 company to develop a 1,080 MW (4×270 MW) captive coal-based power plant at Angul, Odisha. The venture will enter into a 25-year power purchase agreement to supply 100% of the electricity generated to NALCO, while NLC India will provide coal under a long-term fuel supply agreement at Coal India notified prices. The arrangement is aimed at securing low-cost power supply and easing cost pressure for aluminium smelting. NALCO was at Rs 349.75, 21.42% below its 52-week high, with a market capitalisation of Rs 64,236.20 crore.

Orchid Pharma has signed an exclusive licensing and supply agreement with Russia’s Pharmasyntez JSC for Exblifep (cefepime/enmetazobactam) in Russia, with Pharmasyntez handling registration and commercialization while Orchid manufactures the finished dosage form. The antibiotic has received approvals from the US Food and Drug Administration and the European Medicines Agency for treating complicated urinary tract infections and hospital-acquired pneumonia. The company said the partnership could generate about $178 million in revenue over the first 10 years. SUS is Orchid Pharma’s standard trading code in India.

The U.S. launched airstrikes on Iran and reimposed crude sales sanctions after Iran attacked three commercial vessels transiting the Strait of Hormuz. Brent rose 1.9% to $75.54 a barrel and WTI gained 1.9% to $71.81. U.S. stocks closed lower, with the S&P 500 down 0.45%, the Nasdaq off 1.16% and the Dow down 0.25%. In India, the Nifty and Sensex edged down, while the IT sector rose and realty, metal and energy stocks came under pressure.

Spot gold fell $24.54 to $4,140.59 per ounce, while domestic gold slid Rs 1,400 to Rs 1.4925 lakh per 10 grams, with silver also weakening. Crude oil rose more than 1% after attacks on shipping in and around the Strait of Hormuz, lifting US Treasury yields and the dollar index (DXY) and weighing on dollar-priced precious metals, according to Praveen Singh of Mirae Asset ShareKhan. Markets are awaiting the Federal Reserve’s June meeting minutes and US inflation data for fresh direction.