IBTimes

Global crude oil prices surged to a four-week high on Tuesday as escalating US-Iran tensions and renewed military activity around the Strait of Hormuz fuelled concerns over global energy supplies. Brent crude rose above $85 per barrel, w

Gold and silver may remain under pressure next week as investors track the US-Iran conflict, inflation data and global economic indicators. Analysts expect volatility to continue while stronger US dollar and higher yields limit gains in bullion.

Gold prices slipped slightly across domestic markets on July 11, with 24-carat, 22-carat and 18-carat gold rates declining in major cities, while silver also remained under pressure. Bullion prices continue to be influenced by global market trends, the rupee-dollar exchange rate,

Daily arrivals at the Koyambedu Wholesale Market have fallen from 60-65 truckloads to around 30-35, pushing wholesale prices up by about Rs 10 per kg to Rs 30-35 per kg. Traders have warned that prices could rise to Rs 50-60 per kg if supplies do not improve, while tomato and most other vegetable prices remain stable.

Banks have also mobilised an estimated $3-4 billion through the revised FCNR-B deposit scheme, with inflows expected to accelerate as awareness grows among NRIs, particularly in the Gulf region. Bankers estimate the scheme could eventually attract $40-50 billion in fresh deposits.

International oil benchmark Brent crude climbed as much as 6.52 per cent or $4.69 to trade near $80 a barrel. Similarly, US benchmark West Texas Intermediate (WTI) advanced more than 6 per cent or $4.85 to around $75 a barrel.