The Central government has said it is holding regular consultations with farmers, agricultural exporters, industry representatives, and state governments to assess the impact of tariffs imposed by the United States and to safeguard India's trade interests.

Responding to a question in the Rajya Sabha on Friday, Minister of State for Commerce and Industry Jitin Prasada said the government is closely monitoring recent developments while continuing negotiations with the US on a proposed Bilateral Trade Agreement (BTA).

Government Consulting Key Stakeholders

In a written reply to Parliament, Prasada stated that the Centre remains in continuous dialogue with stakeholders affected by US import tariffs.

According to the minister, consultations are being held with:

• Farmers and farmer organisations
• Agricultural exporters
• Industry associations
• Export promotion councils
• Concerned ministries and departments
• State governments

He said inputs received from these groups are being considered to ensure India's commercial and agricultural interests are protected during trade negotiations.

India-US Trade Talks Continue

The minister informed Parliament that discussions on the proposed India-US Bilateral Trade Agreement remain active.

Negotiations began after the meeting between Indian and US leaders in February 2025, when both countries announced the "Mission 500" initiative, aiming to increase bilateral trade to $500 billion by 2030.

Since then, both sides have held multiple rounds of negotiations.

Key meetings have taken place in:

• Washington, DC (April 20–22, 2026)
• New Delhi (June 1–4, 2026)
• New Delhi during the visit of the US Trade Representative (June 22–24, 2026)

Prasada said the government continues to engage with US officials to move the negotiations forward.

Interim Trade Framework Already Announced

The two countries announced a framework for an interim trade arrangement on February 2, 2026, as part of ongoing efforts to strengthen economic ties.

The minister noted that the proposed Bilateral Trade Agreement is expected to deepen cooperation across several sectors while addressing market access concerns for both countries.

US Tariff Developments

Prasada also referred to recent developments in US trade policy.

He noted that a US Supreme Court judgment dated February 20, 2026, invalidated the reciprocal tariffs that had previously been imposed, meaning those measures are no longer in effect.

However, the US administration has continued to impose tariffs under separate legal provisions.

According to the government, the United States has issued Executive Orders imposing 10% tariffs on certain imported products under Section 122 of the US Trade Act of 1974.

Separately, the Office of the US Trade Representative (USTR) announced an additional 10% tariff on certain imports from India following an investigation under Section 301 of the US Trade Act of 1974. The US administration said the action was part of a broader initiative targeting products allegedly linked to forced labour concerns.

Government Monitoring Impact

The Centre said it is carefully studying the implications of these measures on Indian exports and domestic industries.

Officials indicated that protecting farmers, exporters, and businesses remains a priority while negotiations with Washington continue.

The government reiterated that it will continue engaging with stakeholders and pursue a balanced trade agreement that safeguards India's economic interests while expanding bilateral trade with the United States.

India's gems and jewellery industry will not receive the expected relief from US import duties despite the expiry of temporary tariffs on July 24. While the earlier emergency tariff imposed under Section 122 of the US Trade Act, 1974 has expired, the United States has introduced a fresh 10% tariff under Section 301, effectively keeping the tax burden on Indian exports unchanged.

The development comes at a time when exporters were hoping for lower duties following the expiration of the temporary measure. Instead, the new tariff framework ensures that Indian jewellery shipments to the US continue to face the same effective rate.

One Law Ends, Another Takes Effect

The temporary 10% tariff imposed under Section 122 came into force on February 24, 2026, as an emergency trade measure. Under US law, such tariffs can remain in effect for only 150 days unless extended by Congress.

With no extension approved, the Section 122 tariff automatically expired on July 24.

However, almost simultaneously, the US government implemented a new tariff regime under Section 301 of the US Trade Act, 1974, citing concerns related to imports linked to forced labour. India is among 17 countries facing an additional 10% tariff, while several other nations have been subjected to duties of 12.5%.

As a result, Indian exporters continue to pay virtually the same overall tariff despite the legal change.

Impact on India's Jewellery Industry

The United States remains one of India's largest export destinations for gems and jewellery.

Industry experts believe the continuation of tariffs means exporters will continue facing pricing pressure in an already competitive global market.

Current effective tariff structure includes:

• Gold Jewellery: Basic duty of 6% plus the additional 10%, resulting in a total effective tariff of 16%.
• Cut and Polished Diamonds: While diamonds remain duty-free under the basic tariff structure, they now attract the additional 10% tariff.

Since the earlier tariff has simply been replaced by another at the same rate, exporters are unlikely to experience any meaningful cost savings.

Gujarat Remains the Industry's Backbone

According to official export data, India exported US$27.72 billion (approximately ₹2.45 lakh crore) worth of gems and jewellery during FY26.

Among the major export categories:

• Cut and polished diamonds accounted for nearly 44% of total exports.
• Gold jewellery contributed around 41%.

Gujarat remains India's largest exporting state, accounting for approximately 31.5% of the country's total gems and jewellery exports.

The city of Surat continues to dominate the global diamond cutting and polishing industry, processing a significant share of the world's natural and lab-grown diamonds.

Together, Gujarat and Maharashtra contribute nearly 88% of India's total gems and jewellery exports.

Trade Policy Has Seen Frequent Changes

Indian exporters have experienced considerable uncertainty over US trade policy during the past year.

Since April 2025, tariff announcements have undergone multiple revisions, including:

• Initial baseline tariffs.
• Higher reciprocal tariffs.
• Additional duties linked to Russian oil purchases.
• Subsequent reductions following diplomatic discussions.
• Replacement of temporary tariffs with new Section 301 duties.

Although discussions on an interim India-US trade agreement have continued, the proposed framework has not yet translated into lower tariffs for exporters.

Industry Awaits Trade Agreement

Exporters are now pinning their hopes on the ongoing India-US trade negotiations.

Officials from both countries have repeatedly indicated that an interim trade agreement is nearing completion. Industry stakeholders expect that such an agreement could eventually provide tariff concessions for sectors including gems, jewellery, engineering goods, textiles, and manufacturing.

Until then, exporters are expected to continue operating under the current tariff regime.

Gold and silver prices fell significantly on Friday, July 24, providing some relief to jewellery buyers after months of elevated prices. According to the India Bullion and Jewellers Association (IBJA), both precious metals witnessed notable declines as global market sentiment, profit booking, and easing demand weighed on prices.

The price of 24-carat gold declined by ₹1,848 per 10 grams, taking it down to ₹1.42 lakh per 10 grams. Meanwhile, silver prices dropped by ₹2,924 per kilogram, settling at ₹2.19 lakh per kg.

Just a day earlier, gold was trading at ₹1.44 lakh per 10 grams, while silver stood at ₹2.22 lakh per kilogram.

Correction Continues After Record Highs

Both precious metals have witnessed sharp corrections from their record levels earlier this year.

Gold, which was priced at around ₹1.33 lakh per 10 grams at the end of December 2025, surged to an all-time high of approximately ₹1.76 lakh on January 29 amid heightened global uncertainty and strong safe-haven demand.

Since then, gold prices have corrected by nearly ₹34,000 per 10 grams.

Silver has seen an even steeper decline.

The white metal climbed from around ₹2.30 lakh per kilogram at the end of last year to a historic peak of ₹3.86 lakh per kilogram on January 29. Since that record high, silver has fallen by nearly ₹1.67 lakh per kilogram, making it one of the sharpest corrections witnessed in recent years.

Why Are Gold and Silver Prices Falling?

Market experts attribute the decline to a combination of factors, including:

• Profit booking after record highs.
• Fluctuations in international bullion markets.
• Changes in global interest rate expectations.
• A relatively stronger US dollar.
• Reduced safe-haven demand following temporary easing in market volatility.

Commodity analysts note that precious metals often experience corrections after sharp rallies, allowing prices to stabilize before the next major move.

Experts See Long-Term Opportunity

Despite the recent decline, commodity market experts remain optimistic about the long-term outlook for gold and silver.

According to commodity expert Ajay Kedia, the current correction offers investors an opportunity to accumulate precious metals gradually rather than investing a large amount at once.

He advises investors to adopt a systematic buying approach, spreading purchases over time instead of making lump-sum investments during periods of market uncertainty.

Kedia expects gold prices to recover toward ₹1.60 lakh per 10 grams by the end of the year, while silver could potentially rise to around ₹2.80 lakh per kilogram, depending on global economic conditions and investor sentiment.

What Should Buyers Do?

For jewellery buyers, the decline provides a better opportunity compared to the record highs seen earlier this year.

Investors, however, should remain cautious as bullion prices continue to react to:

• Global geopolitical developments.
• Inflation trends.
• Central bank interest rate decisions.
• Currency fluctuations.
• International investment demand.

Market analysts believe volatility is likely to continue in the coming months.

Outlook for Precious Metals

Gold and silver continue to play an important role as safe-haven assets during periods of economic uncertainty. Although prices have corrected sharply from their peaks, many analysts believe the long-term investment case remains intact due to ongoing geopolitical risks, inflation concerns, and central bank buying.

Investors are advised to maintain a diversified portfolio and consider precious metals as part of a long-term investment strategy rather than reacting to short-term price movements.

Indian equity markets remained under pressure on Friday, extending losses for the fifth consecutive trading session as investors turned cautious amid escalating geopolitical tensions in West Asia. Concerns over the expanding US-Iran conflict, a sharp rise in crude oil prices, and continued foreign fund outflows triggered broad-based selling across sectors.

The BSE Sensex declined 331.62 points to close at 76,059.77, while the NSE Nifty 50 slipped 102.15 points to 23,767.45. Market sentiment remained fragile as investors assessed the potential economic fallout of rising global uncertainty.

Crude Oil Surge Raises Inflation Concerns

One of the biggest concerns for investors is the sharp increase in crude oil prices.

Brent crude crossed the $100 per barrel mark for the first time in months as fears of supply disruptions intensified due to the ongoing conflict in West Asia. Market analysts warn that if tensions escalate further, crude prices could rise towards $120 per barrel, increasing inflationary pressures worldwide.

For India, which imports nearly 85% of its crude oil requirement, higher oil prices could widen the trade deficit, increase import bills, and put pressure on government finances. Rising fuel costs may also affect transportation, manufacturing, and consumer prices in the coming months.

Foreign Investors Continue to Exit

Foreign Institutional Investors (FIIs) remained net sellers, reflecting cautious global sentiment.

According to market data, FIIs have sold equities worth ₹3,289 crore over the past seven trading sessions and ₹11,359 crore during the last month. On Friday alone, foreign investors sold shares worth nearly ₹2,999 crore.

Domestic Institutional Investors (DIIs), however, continued to provide some support by purchasing equities worth ₹2,947 crore, helping limit deeper losses.

Realty Sector Leads the Decline

Selling pressure was visible across almost all major sectors.

The Nifty Realty Index emerged as the biggest loser, declining nearly 1.9%, while banking, financial services, IT, automobile, and metal stocks also traded in negative territory.

Defensive sectors such as pharmaceuticals and FMCG witnessed relatively lower volatility, although gains remained limited.

Market experts believe investors are shifting towards safer assets until geopolitical uncertainty subsides.

Global Markets Reflect Similar Weakness

The weakness was not limited to Indian equities.

Asian markets also traded sharply lower following growing concerns over the conflict.

• South Korea's KOSPI fell more than 5%.
• Japan's Nikkei declined nearly 3%.
• Hong Kong's Hang Seng also ended in negative territory.

US markets had already closed lower on Thursday, with the Dow Jones, Nasdaq, and S&P 500 all registering losses as investors reacted to rising geopolitical risks and fears of slower global economic growth.

Rupee Shows Resilience

Despite volatility in equity markets, the Indian rupee strengthened by 15 paise to 96.58 against the US dollar.

Currency analysts attribute the appreciation to improved central bank liquidity management and selective dollar selling, although sustained gains could remain challenging if crude oil prices continue rising.

What Should Investors Watch Next?

Market participants are closely monitoring developments in West Asia, particularly any escalation involving major oil-producing nations.

Investors will also track:

• Movement in crude oil prices.
• Foreign institutional investment flows.
• Global central bank commentary.
• Corporate earnings announcements.
• Inflation and economic growth indicators.

Analysts believe volatility could remain elevated until geopolitical tensions ease.

Market Outlook

While the current correction reflects short-term uncertainty, analysts suggest that long-term investors should avoid panic-driven decisions.

Historically, geopolitical events have triggered temporary market corrections, but fundamentals such as corporate earnings, domestic consumption, infrastructure spending, and economic reforms continue to support India's long-term growth story.

However, sustained high crude prices and continued foreign capital outflows could keep markets under pressure in the near term.

For now, investor sentiment remains cautious as financial markets across the world respond to one of the most uncertain geopolitical environments in recent years.

China is set to end more than five decades of borrowing from the World Bank, as the institution plans to phase out lending to the world's second-largest economy by 2031. The move reflects China's remarkable economic transformation—from a developing nation dependent on international financing to a leading global investor and development financier.

The World Bank announced the decision as part of its new five-year Country Partnership Framework (CPF), which outlines the future direction of its engagement with China.

World Bank to Gradually End Lending

According to the World Bank, lending through the International Bank for Reconstruction and Development (IBRD)—its primary lending arm for middle-income countries—will continue to decline during the CPF period and will not exceed $2 billion.

The institution also stated that, in principle, China is not expected to borrow any further from the IBRD by the end of the framework period in 2031.

The decision effectively marks the end of China’s era as a World Bank borrower, although cooperation between the two sides will continue in other forms.

A Historic Economic Transformation

China first began borrowing from the World Bank in 1981, when it was still a developing economy with limited financial resources. Over the past four decades, the country has experienced rapid industrialization, lifted hundreds of millions of people out of poverty, and become the world’s second-largest economy.

Reflecting this transformation, World Bank Managing Director of Operations Anna Bjerde said the partnership is entering a new phase focused more on knowledge sharing, innovation, and technical cooperation rather than financial assistance.

World Bank lending to China has already declined significantly—from a peak of $2.42 billion in 2017 to around $750 million in 2025.

What China Will Lose

As World Bank borrowing comes to an end, China will gradually lose several advantages traditionally available to borrower nations, including:

• Access to low-cost World Bank development financing.
• Technical expertise and policy advisory services linked to loan projects.
• Institutional support accompanying development programs.

Instead, future cooperation will focus on addressing challenges such as:

• Population ageing
• Economic restructuring
• Green and low-carbon development
• Innovation and sustainable growth

China's Deputy Finance Minister Liao Min said Beijing remains committed to strengthening cooperation with the World Bank despite the changing nature of the relationship.

China's Rise as a Global Lender

While China exits as a borrower, it has increasingly become one of the world's largest providers of development finance.

Through initiatives such as the Belt and Road Initiative (BRI), Chinese policy banks have financed infrastructure projects across Asia, Africa, Latin America, and Europe.

China also played a leading role in establishing the Asian Infrastructure Investment Bank (AIIB), which has become a major multilateral development lender.

Another milestone in China's transformation is its role in supporting the World Bank's International Development Association (IDA)—the fund that provides concessional financing to the world's poorest countries.

China stopped qualifying for IDA assistance in 2000 and has since become a contributor. During the latest funding round, Beijing pledged $1.5 billion, making it the fifth-largest donor to the IDA.

More Resources for Poorer Nations

The World Bank's decision is also expected to free up financial resources for countries with greater development needs, particularly across Africa and South Asia.

With China no longer requiring large-scale development loans, the institution can redirect more capital toward low-income economies facing significant financing gaps in infrastructure, healthcare, education, and poverty reduction.

Development experts say the shift will allow the World Bank to focus its limited resources where they can have the greatest impact.

Geopolitical Context

The decision comes amid years of criticism from the United States over continued World Bank lending to China.

During his first presidency, Donald Trump argued that China, as the world's second-largest economy, should no longer receive financing from an institution primarily designed to assist developing countries.

Although the World Bank says the transition reflects China's economic progress rather than geopolitical considerations, the move is likely to be welcomed by policymakers who have long advocated redirecting resources toward poorer nations.

A New Chapter in China's Global Role

The phase-out of World Bank lending marks a symbolic turning point in China's development journey.

For decades, Beijing relied on international financial support to modernize its economy. Today, it is increasingly acting as a global lender, investor, donor, and development partner, financing infrastructure and economic projects across the developing world.

Rather than ending cooperation, the World Bank says its future engagement with China will emphasize technical collaboration, policy innovation, and the sharing of development experience that could benefit emerging economies worldwide.

The transition underscores China's evolving role in the global financial system—from a recipient of development assistance to one of its major providers.

India's aviation industry could witness a major shift as billionaire Gautam Adani-led Adani Group is reportedly evaluating plans to launch its own passenger airline. According to Reuters, citing people familiar with the matter, the conglomerate is exploring the possibility of entering the airline business while simultaneously seeking changes to government regulations that currently restrict airport operators from owning significant stakes in scheduled airlines.

No final decision has been taken, sources told Reuters, as the group continues to assess the commercial viability of the proposal. The airline business is known for high operating costs, intense competition and thin profit margins, making it one of the most challenging sectors globally.

Rule Change Under Discussion

Current aviation regulations restrict operators of Delhi and Mumbai airports from holding more than a 10% stake in a scheduled airline. According to reports, the Adani Group has approached the government seeking a relaxation of these norms, which would enable it to either launch or acquire an airline. The proposal is reportedly under consideration, though any amendment would require legal review and approval from the Union Cabinet.

Neither the Adani Group nor the Ministry of Civil Aviation has officially commented on the reports.

Adani's Growing Aviation Presence

The Adani Group has rapidly expanded its footprint in India's airport infrastructure since entering the sector in 2019 through Adani Airport Holdings Limited (AAHL), a subsidiary of Adani Enterprises.

Today, AAHL manages eight airports across the country, including Mumbai, Ahmedabad, Lucknow, Jaipur, Guwahati, Mangaluru, Thiruvananthapuram and the upcoming Navi Mumbai International Airport. The company has also announced multi-billion-dollar investments to modernise airport infrastructure and expand passenger handling capacity.

Industry experts believe owning an airline could allow the group to integrate airport operations with airline services, strengthening its presence across the aviation value chain.

Market Dominated by Two Airlines

India's domestic aviation market is currently dominated by IndiGo and Air India, which together account for nearly 90% of passenger traffic. IndiGo holds more than 65% of the domestic market, while Air India controls around one-fourth of total passenger share.

Government officials reportedly see the entry of another financially strong airline as a way to improve competition, increase passenger choices and reduce market concentration.

However, aviation experts have also highlighted potential concerns over conflict of interest if airport operators are permitted to own airlines. Rival carriers are expected to oppose any policy change, arguing that airport owners could gain an unfair advantage in slot allocation, ground handling and infrastructure access.

Industry Challenges Remain

Despite India's position as one of the world's fastest-growing aviation markets, launching a successful airline remains a difficult task. Rising fuel prices, aircraft shortages, operational expenses and intense fare competition continue to pressure airline profitability.

Sources familiar with the discussions said Adani Group is evaluating multiple options, including starting a new carrier or acquiring a stake in an existing airline. No timeline has been finalised, and the company is yet to make any official announcement regarding its future plans.

The reported move also comes at a time when the government is looking to strengthen India's aviation ecosystem, improve regional connectivity and encourage long-term investment in the sector.

Global technology and e-commerce giant Amazon has announced plans to bring its low-Earth orbit (LEO) satellite internet services to India, identifying the country as one of its most promising markets for expanding broadband connectivity. The company says its satellite network is designed to connect underserved and remote communities that lack access to reliable high-speed internet.

Speaking at the IAFI Space Policy Conference 2026, Chris Hofer, Head of International Spectrum Management and Strategy at Amazon LEO, said the company's mission is to "connect the unconnected" by delivering affordable and reliable broadband services across the world.

Nearly 400 Satellites Already in Orbit

Hofer said Amazon's satellite internet programme has made significant progress since its launch.

According to the company, nearly 400 low-Earth orbit satellites have already been deployed, with production continuing at a rapid pace of more than 15 satellites every week.

He noted that what began as a concept in 2019 has now evolved into a large-scale global connectivity project.

Amazon plans to continue expanding its satellite constellation to provide broadband coverage in regions where traditional internet infrastructure remains limited or unavailable.

India Seen as a Key Growth Market

Highlighting India's growing digital economy, Hofer described the country as an ideal destination for Amazon's satellite broadband services.

He said India's strong digital policy framework and large population still lacking reliable internet access make it a natural market for expansion.

According to Amazon, satellite broadband can complement existing telecom infrastructure by providing connectivity to rural, remote and geographically challenging regions where laying fibre-optic networks is expensive or impractical.

The company believes increased competition in the broadband sector will improve digital inclusion and help bridge the connectivity gap.

Focus on Connecting Underserved Communities

Amazon said its primary objective is to extend broadband access to communities that remain outside the reach of conventional internet services.

Low-Earth orbit satellite networks are capable of delivering high-speed internet with lower latency than traditional geostationary satellites, making them suitable for education, healthcare, digital governance, online businesses and emergency communications.

Industry experts believe satellite internet could play a significant role in supporting India's Digital India initiatives, particularly in remote villages and border areas.

Amazon Reaffirms $48 Billion India Investment

The satellite internet announcement comes alongside Amazon's broader investment plans for India.

The company recently increased its investment commitment for the country, announcing it will invest $48 billion (approximately ₹4.51 lakh crore) between 2026 and 2030.

Amazon President and CEO Andy Jassy announced the expanded investment following a high-level meeting with Prime Minister Narendra Modi in New Delhi.

According to the company, Amazon has already invested around $40 billion (approximately ₹3.76 lakh crore) in India since 2010 across e-commerce, cloud computing, logistics, digital infrastructure and technology services.

The additional investment is expected to strengthen Amazon's operations in areas including digital infrastructure, artificial intelligence, cloud services, logistics and satellite connectivity.

Boost for India's Digital Ecosystem

If launched, Amazon's satellite broadband service could provide another option in India's emerging satellite internet market, where companies are exploring next-generation connectivity solutions for underserved regions.

Industry analysts believe increased competition among satellite internet providers could accelerate broadband penetration, improve digital access and support India's growing demand for reliable internet services.

However, commercial rollout timelines, regulatory approvals and spectrum allocation details are yet to be announced.

Indian equity benchmarks ended sharply lower on Wednesday, with the BSE Sensex plunging 715 points and the NSE Nifty 50 slipping below the psychologically important 24,000 mark. Weakness in banking and information technology (IT) stocks, coupled with rising crude oil prices and global geopolitical concerns, kept investors on the sidelines throughout the trading session.

The Sensex closed below the 77,000 level, while the Nifty settled at 23,996.25, down 191.45 points, marking a decline of nearly one percent.

Banking and IT Stocks Drag Markets

Selling pressure remained concentrated in banking and IT counters, making them the biggest drags on the benchmark indices.

On the National Stock Exchange (NSE), almost all sectoral indices ended in the red. The only major exception was Nifty Auto, which managed to close with modest gains.

Among broader market indices, the Nifty Mid-Small Healthcare Index emerged as the worst-performing sector, declining nearly 2%, reflecting widespread selling across mid- and small-cap healthcare stocks.

Market participants attributed the weakness to profit booking after recent gains, rising global uncertainty and caution ahead of key economic developments.

Crude Oil Hits Five-Week High

Global crude oil prices added to investor concerns after Brent crude climbed to around $92 per barrel, its highest level in five weeks.

The sharp rise follows escalating geopolitical tensions between the United States and Iran, raising fears of possible supply disruptions in global energy markets.

Higher crude prices are closely watched in India, as the country imports the majority of its oil requirements. Sustained increases in oil prices can widen the trade deficit, fuel inflation and put pressure on corporate earnings.

Asian Markets Deliver Mixed Performance

Asian markets ended on a mixed note on Wednesday.

South Korea's KOSPI emerged as the strongest performer, gaining nearly 4.7%, while Japan's Nikkei advanced almost 2%.

However, Hong Kong's Hang Seng Index ended lower, reflecting cautious sentiment in parts of the Asian market.

Wall Street Ends Higher

Despite weakness in Indian equities, US markets closed in positive territory overnight.

The Dow Jones Industrial Average, Nasdaq Composite, and S&P 500 all registered gains, supported by strong technology stocks and optimism over corporate earnings.

Global investors, however, remain focused on geopolitical developments and their potential impact on inflation and interest rates.

Institutional Investor Activity

Foreign Institutional Investors (FIIs) were net buyers of ₹1,650 crore during Wednesday's session, providing some support to the market.

Over the past seven trading sessions:

• Domestic Institutional Investors (DIIs) have recorded net purchases worth ₹4,660 crore.
• FIIs, however, continue to remain net sellers over the past month, reflecting cautious foreign investment flows into Indian equities.

Rupee Weakens Against Dollar

The Indian rupee weakened by 11 paise to close at 96.36 against the US dollar.

Currency analysts said the depreciation was driven by higher crude oil prices, sustained demand for the dollar and global risk aversion.

Markets Extend Previous Day's Losses

Wednesday's decline follows losses recorded in the previous session.

On July 21, the Sensex had fallen 238 points to settle at 77,470, while the Nifty declined 51 points to close at 24,188.

With concerns over rising oil prices, global geopolitical tensions and sector-specific selling continuing to dominate sentiment, market participants are expected to remain cautious in the coming sessions while closely tracking global developments, institutional investment trends and upcoming corporate earnings.

Gold and silver prices extended their rally on Wednesday, with both precious metals witnessing significant gains in the domestic bullion market. According to the India Bullion and Jewellers Association (IBJA), silver prices surged by ₹3,034 per kilogram to ₹2,26,238, while 24-carat gold gained ₹2,303 per 10 grams, taking its price to ₹1,43,440.

The latest rise comes after three consecutive sessions of gains. During this period, gold has become costlier by ₹4,281 per 10 grams, while silver has jumped ₹10,764 per kilogram, reflecting continued investor interest amid global economic uncertainty.

Latest Gold Rates

As per IBJA data, the latest gold prices are:

Retail prices quoted by jewellers vary across cities due to taxes and making charges. According to market data, 24-carat gold is currently trading at around ₹1,46,560 per 10 grams in cities including Delhi, Jaipur, Lucknow, Bhopal and Patna, while prices in Mumbai, Kolkata and Raipur are marginally lower at ₹1,46,510.

Gold Up ₹12,000 This Year

Despite fluctuations during the year, gold has remained one of the best-performing asset classes in 2026.

On December 31, 2025, the price of 24-carat gold stood at approximately ₹1.33 lakh per 10 grams. Since then, it has gained nearly ₹12,000, although it remains below its record high of ₹1.76 lakh per 10 grams, touched in January this year.

Silver, meanwhile, has witnessed greater volatility. It is currently trading at ₹2.26 lakh per kilogram, lower than its all-time high of ₹3.86 lakh per kilogram recorded in January, but still significantly higher than historical averages.

Experts See Further Upside

Commodity market experts believe precious metals could continue to remain strong if global economic uncertainty, inflation concerns and geopolitical tensions persist.

According to commodity expert Ajay Kedia, investors may consider accumulating gold and silver gradually rather than making lump-sum investments.

He estimates that by the end of 2026:

• Gold could rise to around ₹1.60 lakh per 10 grams.
• Silver could climb to nearly ₹2.80 lakh per kilogram, depending on international market conditions.

Analysts say demand for safe-haven assets typically increases during periods of global uncertainty, providing support to bullion prices.

Tips Before Buying Gold

Experts advise buyers to keep the following points in mind while purchasing jewellery:

• Purchase only BIS hallmarked gold, as hallmark certification guarantees purity and authenticity.
• Compare daily gold prices using trusted sources such as the India Bullion and Jewellers Association (IBJA) before making a purchase, as rates vary according to purity and market conditions.

How to Check Genuine Silver

Consumers can perform a few simple checks before buying silver:

• Magnet Test: Genuine silver does not stick to a magnet.
• Ice Test: Ice melts faster on real silver because of its high thermal conductivity.
• Smell Test: Pure silver has no noticeable smell, while fake silver may emit a metallic or copper-like odour.
• Cloth Test: Rubbing silver with a white cloth often leaves a black mark due to natural oxidation, indicating genuine silver.

With precious metal prices remaining volatile, market experts recommend that investors closely monitor global economic developments before making large investment decisions.

Pakistan has once again raised fuel prices, increasing the cost of petrol by Rs 4.93 per litre and High-Speed Diesel (HSD) by Rs 7.15 per litre. The revised prices came into effect on July 22, adding fresh pressure on consumers already grappling with high living costs.

Following the latest revision, petrol is now priced at Rs 320.73 per litre, while High-Speed Diesel has climbed to Rs 367.21 per litre. The increase comes as the government adjusts domestic fuel prices in response to fluctuations in the international crude oil market.

Daily Pricing System Introduced

In a major policy shift, Pakistan has moved from a weekly fuel pricing mechanism to a daily pricing system. Petroleum Minister Ali Pervez Malik said the decision was taken to ensure domestic prices better reflect rapid changes in global oil markets.

Officials believe the new system will allow quicker adjustments and reduce the financial burden caused by volatile international crude prices. However, the move has sparked criticism from fuel retailers.

Dealers Oppose Government Decision

The All Pakistan Dealers Association has strongly opposed the daily pricing mechanism, arguing that constant price revisions will create uncertainty for fuel station operators and consumers alike.

The association has warned that it could organize protests if the government does not reconsider the policy.

Prices Still Below April Peak

Despite the latest increase, fuel prices remain well below the record highs witnessed earlier this year during heightened geopolitical tensions in West Asia.

Diesel had surged to Rs 520.35 per litre in early April after the escalation of the US-Iran conflict, while petrol had climbed to Rs 458.41 per litre during the same period. Since then, easing global crude prices have brought some relief, although the latest hike indicates renewed upward pressure.

Impact on Consumers and Inflation

The increase is expected to hit Pakistan's middle and lower-income households the hardest. Petrol is widely used in motorcycles, private cars, taxis and auto-rickshaws, making it a direct expense for millions of commuters.

Higher diesel prices could have an even broader economic impact. Diesel powers trucks, buses, agricultural machinery, power generators and industrial equipment, meaning transport and logistics costs are likely to rise. Economists warn this could push up food prices and overall inflation in the coming weeks.

Fuel Revenue Remains Crucial

Pakistan consumes an estimated 700,000 to 800,000 tonnes of petrol and diesel every month, while kerosene demand remains comparatively low. Fuel taxes and levies continue to be a significant source of government revenue, making petroleum pricing an important fiscal tool.

With the introduction of daily revisions, consumers, transport operators and businesses may now face more frequent fluctuations in fuel costs, increasing uncertainty over household budgets and operating expenses.

The domestic bullion market witnessed a strong rebound on Tuesday, with both gold and silver prices registering significant gains. According to the India Bullion and Jewellers Association (IBJA), silver prices surged by ₹3,159 per kilogram to ₹2.22 lakh, while 24-carat gold rose by ₹1,150 to ₹1.43 lakh per 10 grams. The sharp increase reflects renewed buying interest amid global economic uncertainty and expectations of sustained demand for precious metals.

The latest rally comes after weeks of price volatility, with market experts predicting that gold could climb to ₹1.60 lakh per 10 grams by the end of 2026 if global geopolitical tensions and inflationary pressures persist.

Gold and Silver Register Strong Gains

As per IBJA data, 24-carat gold is now priced at ₹1,43,404 per 10 grams, while 22-carat gold stands at ₹1,31,358 and 18-carat gold at ₹1,07,553 per 10 grams.

Silver also recorded a substantial rise, with one kilogram now costing ₹2,22,734, reflecting a sharp one-day increase of ₹3,159.

Across major cities, gold prices remained broadly aligned. Delhi and Lucknow recorded 24-carat gold prices of ₹1,44,370 per 10 grams, while Mumbai, Kolkata and Raipur quoted prices around ₹1,44,220. Bhopal and Ahmedabad witnessed rates close to ₹1,44,270.

Bullion Prices Remain Volatile in 2026

Precious metals have experienced considerable fluctuations this year. Gold has gained nearly ₹9,000 per 10 grams compared to its level at the end of 2025, when it traded around ₹1.33 lakh.

Silver, however, has followed a different trajectory. Despite Tuesday's jump, it remains below its year-end 2025 level, having declined by nearly ₹10,000 per kilogram over the period.

The year also witnessed historic highs. Gold touched an all-time peak of around ₹1.76 lakh per 10 grams in January, while silver surged to nearly ₹3.86 lakh per kilogram, highlighting the extraordinary volatility seen in commodity markets during 2026.

Experts Recommend Systematic Investment

Commodity market expert Ajay Kedia believes the recent correction from record highs offers investors an opportunity to enter the bullion market. However, he advises against making lump-sum investments.

Instead, investors should adopt a staggered investment strategy to reduce the impact of price volatility. According to Kedia, gold could rise to around ₹1.60 lakh per 10 grams by the end of the year, while silver may advance toward ₹2.80 lakh per kilogram, provided global economic conditions continue to support safe-haven assets.

Tips for Buying Gold

Financial experts recommend purchasing only BIS hallmarked gold, as hallmark certification guarantees purity and authenticity. Buyers should also compare prevailing market rates before making a purchase, since gold prices differ depending on purity levels such as 24-carat, 22-carat and 18-carat.

Consumers are also advised to verify the weight, making charges and invoice details before finalising a purchase.

How to Check Pure Silver

Experts suggest a few simple methods to identify genuine silver:

• Real silver does not stick to a magnet.
• Ice melts faster on pure silver because of its high thermal conductivity.
• Genuine silver has no metallic or copper-like smell.
• Rubbing silver with a white cloth often leaves a black mark due to natural oxidation, indicating authenticity.

With global economic uncertainty, geopolitical developments and inflation concerns continuing to influence investor sentiment, bullion is expected to remain in focus. Market participants will closely watch international price movements and central bank policies for further direction in gold and silver prices.

Indian benchmark equity indices traded in a narrow range on Tuesday as investors remained cautious amid mixed global market signals and sector-specific selling. The BSE Sensex hovered around 77,700, while the NSE Nifty 50 traded near 24,250, reflecting a lack of strong directional momentum after the previous session's decline.

Market participants closely tracked global developments, easing crude oil prices, institutional investment flows, and corporate earnings, all of which influenced trading sentiment during the session.

Banking and FMCG Stocks Under Pressure

The broader market witnessed selective buying, but heavy selling pressure in banking and FMCG stocks limited overall gains.

Sector-wise, the Nifty Chemicals Index emerged as the top performer, rising nearly 0.86%, while several other indices traded in the red.

Pharmaceuticals, PSU banks, consumer durables, real estate, and REIT-linked stocks also witnessed weakness, reflecting cautious investor positioning across defensive and rate-sensitive sectors.

Analysts said investors remained selective as they awaited fresh corporate earnings and additional domestic and global economic triggers.

Crude Oil Slips Below $90 Per Barrel

Global crude oil prices eased below the $90 per barrel mark, offering some relief to emerging markets, including India.

Oil prices had recently climbed amid renewed geopolitical tensions between the United States and Iran, raising concerns over supply disruptions. The latest decline helped improve sentiment for sectors dependent on imported crude, although investors continued to monitor geopolitical developments closely.

Lower crude prices are generally viewed positively for India's inflation outlook, fiscal balance, and corporate profitability.

Asian Markets Trade Mixed

Asian equity markets presented a mixed picture during Tuesday's trading session.

South Korea's KOSPI gained over 3%, while Japan's Nikkei advanced nearly 1.7%, supported by technology and export-oriented stocks.

In contrast, Hong Kong's Hang Seng Index traded marginally lower, reflecting continued caution among regional investors amid global economic uncertainties.

The mixed performance across Asia contributed to the subdued opening in Indian equities.

US Markets End Lower

Wall Street closed lower in the previous trading session.

The Dow Jones Industrial Average declined by over 300 points, while the Nasdaq Composite and S&P 500 also ended in negative territory as investors assessed corporate earnings, inflation concerns, and geopolitical risks.

Weakness in US markets added to the cautious mood among global investors.

Domestic Investors Continue to Support Markets

Despite foreign investor selling, domestic institutional investors (DIIs) continued to provide stability to Indian equities.

Over the past seven trading sessions:

• DIIs purchased shares worth ₹6,021 crore
• FIIs/FPI sold equities worth ₹6,439 crore

During the past month, domestic institutions have invested more than ₹43,000 crore, helping cushion the impact of continued foreign fund outflows.

Market experts believe sustained domestic buying has remained one of the key factors supporting Indian markets despite global volatility.

Rupee Weakens Against Dollar

The Indian rupee weakened by 6 paise against the US dollar to trade at 96.42, reflecting continued demand for the greenback and cautious foreign investor sentiment.

Currency movement will remain an important factor for sectors dependent on imports and exports in the coming sessions.

Previous Session Ended in Losses

Indian markets had ended Monday's session on a weak note.

The Sensex closed 443 points lower at 77,709, while the Nifty declined 96 points to settle at 24,239, as profit booking across heavyweight sectors dragged benchmark indices lower.

With quarterly earnings season gaining momentum, investors are expected to remain focused on company results, global market trends, crude oil prices, and foreign investment flows for further market direction.