MCX gold August futures fell 0.77% to Rs 1,41,280 per 10 grams on July 1, while MCX silver September futures slid 1.8% to Rs 2,24,447 per kg. Spot gold dipped below $3,980 an ounce, marking its lowest level since November. Prices were pressured as traders weighed prospects of tighter Federal Reserve policy and followed US-Iran talks.

The dollar rose to 162.41 yen, the highest level since 1986, while the yen slid to a four-decade low on Tuesday. Japan’s Finance Minister Satsuki Katayama said authorities were ready to take “appropriate action” if needed, adding to expectations of FX intervention. The dollar index stood at 101.32 and was on track for a 1.4% gain in the second quarter, as widening U.S.-Japan rate differentials and renewed rate-hike expectations continued to weigh on the yen.

The US and Iran agreed to halt attacks on each other ahead of peace talks this week covering the Strait of Hormuz, easing geopolitical tensions. South Korea unveiled an $880 billion investment plan for chips and data centers, boosting expectations for global AI infrastructure spending. The Nasdaq rose more than 2% while the S&P 500 finished higher, and Brent crude hovered near $73 a barrel.

On June 29, MCX gold July futures fell 0.37% to Rs 1,43,630 per 10 grams, while MCX silver July futures edged up 0.09% to Rs 2,21,600 per kg. The pullback came as safe-haven demand cooled after the US and Iran exchanged attacks in the Persian Gulf but markets viewed the conflict as not escalating and the ceasefire as holding. In the global market, spot gold slipped as much as 0.9% after rising 1.6% on Friday, according to data collected by Bloomberg.

Micron Technology reported Q3 revenue of $41.46 billion, up 315% year over year, and guided Q4 revenue to $50 billion, sending its shares up 11.33%. Tech sentiment then soured after Nvidia slid more than 3% intraday, pressuring the broader semiconductor group, with AMD down 7% within an hour and Intel off 2%. Apple fell more than 5% after raising prices for flagship iPad, iMac and home devices. The Nasdaq sank more than 1.0% on the session while the Dow set a record high.

On June 25, Brent crude fell more than 1.5% to $72.4 a barrel, returning to levels seen before the Russia-Ukraine conflict. WTI also slipped over 1.4% to about $69.3 a barrel. The decline was attributed to improving supply conditions and rising optimism over a potential US-Iran peace agreement.

MCX gold July futures fell 0.53% to Rs 1,38,786 per 10 grams on June 25, while MCX silver July futures dropped 1.2% to Rs 2,10,519 per kg. In global markets, gold also weakened and briefly fell to $3,964 an ounce, the lowest level since November. The slide came as a US dollar-linked gauge rose 0.8% this week, while expectations for a Federal Reserve rate hike strengthened, weighing on dollar-priced precious metals demand.

U.S. stocks finished mixed, with the Nasdaq 100 down 0.4%, the S&P 500 off 0.1% and the Dow up 0.4%. Chipmakers extended their slide for a third session, fueling questions over the pace of the rally in AI-related stocks since late March. Micron Technology is due to report after the close, after its daily turnover topped $70 billion. Oil fell below $70 a barrel as weak housing data added to expectations the Federal Reserve could turn less hawkish, though near-term sentiment was led by pressure on technology shares.

U.S. stocks opened higher early Wednesday as chipmakers rebounded sharply, with Micron Technology up about 4%, SanDisk nearly 3%, and the Roundhill Memory ETF (DRAM) up 3% after falling 13%–14% in the prior session. The bounce came ahead of Micron’s earnings announcement and lifted both the Nasdaq and the S&P 500. Oil prices slid, with Brent down 3% to $74 a barrel and WTI down 3% to $71, though the move in crude was not cited as the driver of the chip rebound.