Commodity News

Gold fell below $4,000 an ounce for the first time since November as Federal Reserve rate hike expectations and a stronger dollar broke the metal's three-year bull run. Silver dropped below $60.

Brent crude fell toward $73 on Thursday as tankers exited the Strait of Hormuz following the US-Iran accord, with the energy secretary confirming flows were close to pre-war levels.

Reserve Bank of India Monetary Policy Committee member Nagesh Kumar said India's growth could return to 7% plus in FY27 if West Asia peace holds and crude oil prices continue declining from current levels.

MCX gold futures dropped ₹1,600 per 10 grams and silver fell 2.5% at the opening of trade on Thursday after the US Federal Reserve signalled that nine of its 19 members support a rate hike before year-end. Softer crude oil prices following the US-Iran ceasefire deal offered limited support to domestic bullion price.

Gold and silver prices rose on COMEX in early trade before the US Federal Reserve's policy decision. Persistent geopolitical uncertainty, central bank buying, and expectations of lower real interest rates continued to support bullion demand.

Essar Energy Transition Fuels and IRH Global Trading signed a $500 million crude sourcing and product supply facility on 16 June to strengthen Stanlow refinery feedstock security and working capital efficiency.

India's gold imports climbed 34% to USD 3.41 billion in May. This, despite higher duties, while silver imports plunged 86.65%. Read more here.

The government raised the export duty on diesel to ₹14 per litre and ATF to ₹12.5 per litre in its latest bi-weekly review, while keeping the duty on petrol unchanged at ₹1.5 per litre. The hikes take effect from 16 June. Read ahead to know more.

Global crude oil prices fell more than 5% after the US and Iran agreed to end hostilities, easing Strait of Hormuz supply concerns and boosting hopes of stable energy flows worldwide.