Commodities Sector

Metal stocks outperformed on May 13, 2026, with the Nifty Metal Index rising 3.18% after the government raised import duties on gold and silver. Tata Steel and Hindalco surged to fresh 52-week highs, driven by strong fundamentals, global commodity strength, and positive earnings outlook.

Jewellery stocks remained under pressure for the third straight session after the government increased gold and silver import duties from 6% to 15%. Shares of Sky Gold plunged over 11%, while Kalyan Jewellers and Thangamayil Jewellery also declined sharply amid fears of weaker consumer demand, rising costs, and pressure on profit margins.

India’s bullion market witnessed a historic rally after the government hiked import duty on gold and silver from 6% to 15%. MCX gold futures surged over 6% while silver prices jumped nearly 7%, triggering strong gains in gold ETFs and raising concerns over jewellery demand, inflation, and market volatility.

Gold prices extended gains on Thursday as investors closely tracked diplomatic developments between the United States and Iran, while awaiting key US economic data for clues on Federal Reserve policy. COMEX gold futures climbed above $4,740, with spot gold holding near recent highs after a sharp rally in the previous session. A weaker US dollar, softer oil prices, and expectations of potential US rate cuts continued to support bullion demand, while domestic MCX gold prices also remained firm amid persistent geopolitical uncertainty.

Indian benchmark indices closed range-bound on May 7, 2026, with Nifty ending flat at 24,326 and Sensex slipping 114 points. Defence and Auto stocks outperformed on easing crude oil prices and strong earnings momentum, while IT, FMCG, and Consumer Durables witnessed profit booking amid geopolitical uncertainty and mixed Q4 results.

Spot gold was unchanged at $2,035.78 an ounce. US gold futures increased by 0.1% to $2,044.20.

Petrol and Diesel prices in cities across India on 29-02-2024

U.S. West Texas Intermediate crude futures (WTI) were down 35 cents, or 0.44%

Spot gold was up 0.1% at $2,031.99 an ounce. Futures for US gold dropped 0.2% to $2,041.00/oz.

Both Israel and Hamas continued to publicly hold diametrically opposed views on a potential ceasefire and blame one another for any delays.