geopolitical tensions

Global wealth is shifting away from the US dollar, with wealthy families and their offices expressing declining confidence in its reserve currency status. Driven by geopolitical worries and sovereign debt concerns, nearly two-thirds anticipate a weaker dollar.

Gold prices are expected to remain steady this week, influenced by US-Iran talks and upcoming US economic data. Silver, however, may continue to outperform due to geopolitical tensions and high crude oil prices. Investors await signals on the Federal Reserve's next policy move amidst shifting statements from Washington and Tehran.

Indian oil company stocks surged up to 6% on Monday following a government fuel price hike. This rally was further boosted by a significant drop in global crude prices, driven by easing US-Iran tensions and hopes for the reopening of the Strait of Hormuz. Brent and WTI crude futures saw substantial declines, marking their lowest levels in two weeks.

India's jewellery exports saw a significant drop in April. geopolitical tensions in West Asia and market uncertainty impacted sales. Exports of cut and polished diamonds, lab-grown diamonds, and gold jewellery declined. However, silver jewellery exports experienced a substantial surge. This trend reflects global economic and political influences on the sector.

Russian President Vladimir Putin will attend the BRICS summit in New Delhi on September 12-13. Kremlin aide Yury Ushakov confirmed his participation in the national capital. This visit marks a significant diplomatic event for India amidst global geopolitical shifts and growing BRICS collaboration. Details on his schedule are anticipated.

The Indian rupee continued its decline against the US dollar, falling 18 paise to 96.38 amid rising crude oil prices and Middle East tensions. The currency has lost over 5% since late February, with concerns over geopolitical instability and foreign portfolio investor outflows pressuring its value.

Gold price prediction today: Given the geopolitical tensions and a possible change in the US Federal Reserve’s stance, gold prices are likely to see limited upside in the near term, says Vedika Narvekar, Research Analyst - Commodities & Currencies, Anand Rathi Shares and Stock Brokers.

CNG prices in Delhi have seen their fourth hike in under 15 days, increasing by Rs 2 per kg. This follows recent increases in petrol and diesel rates, with Delhi petrol crossing Rs 100 per litre. These consecutive hikes are expected to raise transport costs and potentially impact inflation.