India’s government adjusted its precious-metals import policy twice within three days, first lowering and then sharply raising base import prices for gold (+0.37%) and silver (+4%). It also shifted the import policy for silver from “free” to “restricted,” requiring all silver imports to be cleared via DGFT and RBI-designated agencies. The move is aimed at easing pressure on foreign-exchange reserves amid strain linked to the West Asia conflict. Gold reserves rose by $1.98 billion week-on-week, while overall forex reserves fell by $711 million, mainly due to a decline in foreign currency assets.

U.S. and Iran reached a ceasefire agreement in the Middle East, ending a nearly four-month conflict. Risk appetite improved sharply, pushing tech stocks higher, with NVIDIA up 1.9%, Meta up 5%, AMD up 9% and Micron up 9%. SpaceX rose another 7% in its second day of trading after its debut. The Nasdaq climbed 3% intraday to 26560 points and is up 14% year to date.

Nvidia has launched its first high-grade bond sale since 2021, aiming to raise at least $20 billion for general corporate purposes and debt repayment and refinancing. It also announced a partnership with Microsoft to build a next-generation AI PC platform called RTX Spark. CEO Jensen Huang said the collaboration is intended to “reinake the PC” by bringing local AI agents, frontier models and creative workflows onto laptops. Nvidia-linked futures rose 1.37% to $208 in premarket trading.