India and China’s central banks have been adding gold and reducing exposure to US Treasuries, with India’s gold reserves up 33.9% over three years to 881 tonnes and its Treasury holdings down 22.5% over six years to $181 billion. China’s Treasury holdings fell 12.4% over one year to $651 billion. Global central banks have bought an average of 1,000 tonnes of gold a year over the past four years—double the prior decade’s average—amid rising geopolitical risk, lessons from asset freezes and a longer-term shift toward dedollarization. Gold’s share of global central bank reserves has climbed to 27%, while US Treasuries’ share has slipped to 22%.

Donald Trump publicly praised Michael and Susan Dell while ringing the stock market’s opening bell from the White House and urged Americans to buy a Dell computer, as DELL shares rose nearly 9% intraday and finished up 4.4%. Analysts said the move was driven more by Dell’s fast-growing AI server business, highlighted by $24.4 billion in AI orders disclosed in May and a $60 billion full-year AI server revenue target. Dell also reported a 757% year-over-year increase in AI server revenue. Michael Dell’s net worth has moved into the world’s top five, surpassing Oracle cofounder Larry Ellison.

U.S. stocks came under pressure on Wednesday as AI-related shares fell, with Nvidia down 2%, Advanced Micro Devices down 4.2% and Micron Technology down 6.2%. Ongoing valuation reassessments in the AI sector helped push the Nasdaq Composite down 0.4%. The S&P 500 edged down 0.1%, while the Dow Jones Industrial Average rose 0.2%.

Markets are pricing in a possible easing of tensions in the Persian Gulf after Iran reportedly requested talks with the US. Brent crude rose 1.1% to $73.43 a barrel, still below its pre-war peak, while investors watched whether risks to shipping through the Strait of Hormuz would ease. The report also points to gains in AI chip stocks tied to South Korea’s semiconductor investment plans and notes SpaceX’s addition to the Nasdaq 100, but says the main driver was the geopolitical shift improving oil-supply expectations.

Gold and silver extended their declines, with MCX gold for August down 2.06% on the week and MCX silver for September falling 6.4%. Overseas, Comex gold slid 3.5% to $4,096.3 per ounce, while silver dropped 10.7% to $59.67 per ounce. A stronger US dollar and a near-10% fall in crude oil eased inflation concerns and reduced bullion’s appeal as a hedge, while escalating US-Iran tensions provided only limited support, according to analysts cited by PTI.

India’s Directorate of Revenue Intelligence (DRI) said it has dismantled a gold-smuggling network operating through Mumbai’s Chhatrapati Shivaji Maharaj International Airport and arrested eight people, including an airport employee. Officials said nearly 6kg of 24-carat melted gold and gold dust valued at Rs 8.95 crore was seized and the accused could not produce documents showing lawful ownership or purchase. The agency said the operation involved airport insiders, a melting facility in Kalbadevi and subsequent sales in the grey market. The investigation is continuing into the source of the gold, money flows and additional suspects, the DRI said.

Kuwait has asked customers to lift refined petroleum products directly from its ports, as the US and Iran announced a Strait of Hormuz communication channel and pledged no transit fees for 60 days. Kuwait Petroleum Corporation has lifted force majeure notices and begun raising output. Data show 93 million barrels of non-Iranian crude remain stranded in the Persian Gulf due to shipping disruptions, according to Kpler. Brent has dropped sharply from conflict highs, but refined-fuel markets remain tighter than crude.

Oil prices fell after high-level US-Iran talks in Switzerland concluded and Iran said it had secured waivers for oil and petrochemical exports, raising expectations of higher crude flows. Brent futures slid 1.9% to $79.04 a barrel, while the more active August WTI contract dropped to $75.30. The UAE, Kuwait and Iraq also offered additional supplies, and Iraq said it plans to gradually restore output to 4.2 million to 4.3 million barrels per day. Shipping data showed a sharp drop in vessels transiting the Strait of Hormuz, though market focus shifted to potential supply additions.

A Bihar state sugarcane department delegation traveled to Pune to meet sugar and ethanol industry representatives, aiming to attract investment for new sugar mills, the revival of closed mills, and the development of ethanol and bioenergy. The team visited the Vasantdada Sugar Institute and the Daund Sugar Mill to learn about high-productivity cane varieties, modern sugar-making technology and tissue-culture plant production methods. Bihar officials highlighted policy support and agricultural potential, while several Pune-based companies signaled interest in investing.