Washington: From the US to India, stock markets worldwide tumbled, while oil prices remained elevated as Wall Street watched for more developments in the Iran war.
On Wednesday, the 30-stock Dow tumbled to a new closing low for the year. The benchmark, which also touched an intraday low for 2026, even closed below its 200-day moving average, a technical level suggesting the long-term trend for the index is now negative.
On Thursday, the Dow Jones Industrial Average was down 344 points, or 0.7 per cent in morning trade. The S&P 500 and Nasdaq Composite also slipped. The S&P 500 traded below its 200-day moving average for the first time since May 23.
Brent crude futures, the international benchmark, surged 3 per cent to $111 a barrel. West Texas Intermediate crude futures were up 1 per cent at $97 a barrel. The spike in international oil follows Iran striking a key liquefied natural gas (LNG) export facility in Qatar as well as an attack on Iran’s South Pars gas field by Israel. Iran then retaliated by hitting Qatari energy facilities.
The Indian stock market witnessed a sharp sell-off to end over 3 per cent lower amid rising oil prices as tensions in the Middle East escalated. Sensex ended 2,497 points or 3.26 per cent at 74,207, while the Nifty 50 lost 776 points, or 3.26 per cent lower to settle at 23,002.
Meanwhile, precious metals witnessed a steep decline on Thursday despite heightened geopolitical tensions in West Asia, with both gold and silver slipping to multi-week lows amid strong selling pressure during the trading session.
According to data from the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold (999 purity) dropped to Rs 1,47,889 per 10 grams, down from Rs 1,54,879 in the previous session -- marking a sharp fall of Rs 6,990 in just one day.
Silver prices also saw a significant correction. The rate of 999 purity silver declined to Rs 2,29,873 per kilogram from Rs 2,49,907 per kilogram a day earlier, registering a steep fall of Rs 20,034 per kg. Notably, over the past week, gold prices have fallen by more than Rs 12,000, while silver has dropped by over Rs 38,000.
Gold prices in New York on Thursday were near $4575.00 per ounce, over 9 per cent decline in a month. Silver was trading below $75.00 per ounce, declined from its peak price of $93.00 in a month.
