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Brent crude held above $88 a barrel after gaining more than 5% last week, with the Strait of Hormuz still closed and Washington signalling further measures on Iran. The IEA forecast the widest global supply deficit in five years. India imports roughly 85% of its crude.
Gold climbed above $4,420 Wednesday, near a 10-week high, then eased Thursday on profit-taking. Bitcoin sat near $63,400 with daily, weekly, monthly and yearly trends negative. The Strait of Hormuz stays closed, while July US CPI landed near forecast, cooling September Fed hike bets.
Brent eased toward $88 a barrel Thursday, ending a six-session run that added about 12%. Talks on reopening the Strait of Hormuz remain deadlocked. The IEA flags a 1.8 million barrel a day shortfall this quarter, while US crude inventories rose 17.4 million barrels, the largest build since early 2023.
The US consumer price index for July is scheduled for release at 6 pm IST. A widely tracked economists poll points to a 0.1% rise over June, with the annual rate seen easing to about 3.4%. The reading is expected to shape Federal Reserve rate expectations for September.
Bitcoin moved to a two-week high near $65,000, days after US payrolls missed and spot gold broke a six-week range to $4,341.69. August ETF net inflows have passed $750 million. The $65,000 area marks the top of Bitcoin's two-month band, tested and lost on 5 August.
Spot gold rose 2.4% Friday to $4,341.69, its highest since 17 June, after US July payrolls fell 23,000 against forecasts of an 80,000 gain. The move ended a six-week range near the 4074-4112 zone. Weekly gain exceeded 7%, the largest since January.
US nonfarm payrolls fell 23,000 in July against forecasts near 80,000, with May and June revised down a combined 103,000. Unemployment eased to 4.1% on lower participation. Wage growth slowed to 3.2%. The dollar weakened and Bitcoin traded near $65,300.
Gold moved back above $4,050 Monday after the US said peace talks with Iran will resume, pulling oil lower. Bitcoin traded near $63,700, with recent rallies stalling near $65,500. Markets are pricing roughly 65% odds of a September Fed rate hike ahead of Aug 12 US inflation data.
NSE's new session structure is live from today. F&O stocks stop continuous trading at 3:15 pm, then enter the Closing Auction Session till 3:35 pm. Non-F&O stocks trade till 3:30 pm. The F&O segment now closes at 3:40 pm. Brokers have moved intraday square-off to 3:10 pm equity, 3:25 pm F&O.
Rupee closed at 95.35 against the dollar Friday, its strongest in over two weeks, supported by RBI dollar selling and renewed FPI buying worth Rs 7,360 crore in three days. Focus now shifts to the RBI policy decision on August 5, with the repo rate widely expected to stay at 5.25%.
The Australian Dollar continued to weaken after June inflation came in below market expectations, sharply reducing the likelihood of another Reserve Bank of Australia rate increase. Australia publishes June Building Permits next, after the indicator declined 1.1 percent in May.
WTI crude surged more than 7 percent near $85 after the US and Saudi Arabia launched strikes against Iran-backed groups in Iraq following attacks on Saudi energy facilities, while Iran targeted US forces in Jordan. Gold rose around 0.7 percent near $4,056 on safe haven demand and dollar weakness.
