MCX gold futures slid sharply on Monday, with the October contract down 1.92% at Rs 1,47,989 per 10 grams, breaking below the Rs 1,50,000 level. Spot gold fell more than 2% in a day, marking its biggest one-day decline since Sept. 1. The move came as higher oil prices and expectations of further US Federal Reserve rate hikes weighed on demand for non-yielding assets.

U.S. stocks opened higher on Friday, with the Dow Jones Industrial Average, the Nasdaq Composite and the S&P 500 all in the green. Oil prices retreated on news that the U.S. and Iran were discussing a phased approach to reopening the Strait of Hormuz, with Brent crude sliding toward $106 a barrel and West Texas Intermediate falling below $94. The move in crude helped ease market worries about supply disruptions.

U.S. stock index futures climbed premarket, with Nasdaq 100 futures up 0.56% and S&P 500 futures gaining 0.28%. Oil prices pulled back from recent highs after reports said the U.S. and Iran were exploring a phased reopening of the Strait of Hormuz, easing inflation concerns. Asian markets were mixed, with Japan’s Nikkei 225 up 1.3% while Australia’s S&P/ASX 200 fell 0.43% and Hong Kong’s Hang Seng slid 1.21% late in the session. The U.S. 10-year Treasury yield rose to 5.225%, its highest since 2007, and markets priced roughly a 68% chance of an October rate hike.

Russia has started importing at least 60,000 metric tonnes of gasoline from India by sea after Ukrainian drone attacks on refineries tightened domestic supply, and it plans monthly imports of around 400,000 tonnes. Parliament has approved import subsidies tied to Indian delivery costs and fuel prices, improving the economics of buying fuel from India. India’s Russian crude imports rose to about 2.70 million barrels per day in June, accounting for more than half of its total oil imports.

Aluminum fell to its lowest level since Feb. 19, with London Metal Exchange prices touching $3,060 a ton. Copper dropped 0.9% to $13,254, while silver also came under pressure as the dollar strengthened. The dollar index has risen 2.5% over the past two months on a more hawkish Federal Reserve stance. Easing Middle East tensions and a shift by some Chinese investors from commodities into equities added to the downside pressure on industrial metals.

MCX gold August futures fell 0.77% to Rs 1,41,280 per 10 grams on July 1, while MCX silver September futures slid 1.8% to Rs 2,24,447 per kg. Spot gold dipped below $3,980 an ounce, marking its lowest level since November. Prices were pressured as traders weighed prospects of tighter Federal Reserve policy and followed US-Iran talks.

The dollar rose to 162.41 yen, the highest level since 1986, while the yen slid to a four-decade low on Tuesday. Japan’s Finance Minister Satsuki Katayama said authorities were ready to take “appropriate action” if needed, adding to expectations of FX intervention. The dollar index stood at 101.32 and was on track for a 1.4% gain in the second quarter, as widening U.S.-Japan rate differentials and renewed rate-hike expectations continued to weigh on the yen.

The United States and Iran are set to hold talks in Doha, Qatar, as tensions in the Middle East flare again and disagreements over control of the Strait of Hormuz deepen. Brent crude for September climbed to around $73 a barrel, while WTI hovered near $70. Asian equities broadly advanced, with Japan’s Nikkei 225 up 1.41% and South Korea’s Kospi rising 1.17%. The yen weakened to 161.98 per dollar, its lowest level since 1986, while the Bank of Japan did not intervene.

The US and Iran agreed to halt attacks on each other ahead of peace talks this week covering the Strait of Hormuz, easing geopolitical tensions. South Korea unveiled an $880 billion investment plan for chips and data centers, boosting expectations for global AI infrastructure spending. The Nasdaq rose more than 2% while the S&P 500 finished higher, and Brent crude hovered near $73 a barrel.