A 1% rise in the Indian rupee against the U.S. dollar, driven by FCNR deposit inflows, has weighed on rupee-denominated gold and silver prices. India’s spot gold fell 4% over eight trading sessions to ₹1,54,884, while silver also dropped 4% to ₹2,35,456. Over the same period, U.S. spot gold slid 3% to $4,523 an ounce, pointing to broader weakness in global bullion prices. The pullback ahead of the festive season is influencing consumer buying behaviour, with some holding off purchases amid uncertainty.

US Central Command said it struck three Iranian crude oil carriers after the Islamic Revolutionary Guard Corps launched ballistic missiles toward two US Navy warships. CENTCOM said the strikes permanently disabled M/T Downy near Kharg Island and M/T Stark 1 near Jask. It also said M/T Kylo was destroyed in the Gulf of Oman, and no losses have been reported.

Crypto ETF products have recorded more than $1.20B in net inflows, signaling sustained demand for major digital assets such as bitcoin. The latest wave of allocations has further boosted bitcoin buying interest. It suggests investors are still actively adding exposure to digital assets at current levels. Overall, strong demand through crypto ETFs indicates that optimism around bitcoin’s next move has not faded.

Foreign investors returned to Indian equities in August, with net FPI inflows exceeding $3.2 billion, the strongest monthly inflow since September 2024, led by Consumer Services, Financials and Healthcare. HSBC estimates that if global funds move back to a neutral allocation, as much as $25 billion could flow into India. Supportive factors include Q1 GDP growth of 7.8%, better-than-expected corporate earnings and a stable rupee, which could help sustain foreign inflows.

The US added 162,000 jobs in August, beating market expectations and reinforcing the Federal Reserve’s view that the labor market remains stable. The stronger-than-expected data revived concerns that the Fed could raise interest rates later this month. President Donald Trump again publicly urged the central bank to cut borrowing costs.

Bitcoin fell below the $80,000 mark, down 3.5% on the day, as strong U.S. employment data reinforced expectations of a September rate hike by the Federal Reserve and pushed the dollar higher. The stronger dollar weighed on risk assets, dragging crypto-related stocks lower. Coinbase fell nearly 4%, while Strategy Inc. and Circle Internet Group each slipped about 2%. Fed Governor Christopher Waller suggested he could support keeping rates steady if inflation continues to cool down.

Nebius reported its Q2 results, with an adjusted EBITDA margin of 50% as unit economics improved. The company said higher GPU prices were successfully passed through into contracts, helping protect margins. Deferred and contracted revenue rose sharply, and the backlog reached $40 billion. Nebius also guided to at least 1GW of annual capacity additions through 2027.

Asian wheat importers have bought at least 500,000 tons from Argentina and Australia to replace delayed Black Sea cargoes. Australian Premium White wheat has traded around $315$330 per ton and Argentine wheat around $310$315 per ton, well above the $260 to $280 per ton seen for Black Sea cargoes. Benchmark Chicago wheat futures have risen about 35% since late June, while cash prices have climbed across competing exporters. Asian processors have booked about 2.0 million to 2.5 million tons of Black Sea wheat for July-September shipment, covering roughly 30% to 50% of import demand.