Gold and silver climbed this week as markets reacted to reports that the United States and Iran may be nearing a peace agreement. By 0231 GMT on May 7, spot gold was up 0.3% at $4,701.19 per ounce after jumping about 3% on May 6 to reach its highest level since April 27. U.S. gold futures for June delivery traded near $4,710. Spot silver rose roughly 0.5% to $77.68 an ounce, while other precious metals showed mixed moves. The moves were driven by a softer dollar (down 0.1–0.5% in recent sessions), lower U.S. Treasury yields (benchmark 10‑year yields eased this week), and reports that Iran is reviewing a U.S. peace proposal that sources say could formally end the Gulf war while leaving thornier issues such as its nuclear programme unresolved. Brent crude has eased this week, which also weighed on inflation fears. In India, domestic contracts reflected the rally: MCX silver futures jumped about Rs 3,800 to Rs 257,055/kg and gold futures rose to about Rs 1,52,887 per 10 grams. Traders are watching Friday’s U.S. employment report for further direction.

The Justice Department said on May 30 it will appeal a U.S. Court of International Trade order that directed U.S. Customs and Border Protection (CBP) to allow all importers who paid tariffs struck down by the U.S. Supreme Court to seek refunds. The Supreme Court ruled in February that President Donald Trump lacked constitutional authority to impose the sweeping global tariffs under the IEEPA; Judge Richard K. Eaton subsequently ordered CBP to reprocess entries and repay unlawfully collected duties. CBP launched an online portal on April 20 and began issuing refunds on May 12. As of May 22, applications totaling roughly $85 billion had been accepted for processing and the Treasury had been instructed to issue about $20.6 billion in refunds from an estimated $166 billion liability. The government argues Eaton exceeded his authority by issuing a universal injunction and contends the agency lacks legal and technical ability to reliquidate all finalized accounts without importer-specific court orders. Eaton has scheduled a June 9 hearing and demanded CBP Commissioner Rodney Scott appear; the administration asked that deputies testify instead. Major retailers and thousands of smaller importers are watching as the appeal threatens to slow or halt the ongoing refund process.

Devon Energy received a roughly $8 billion proposal from Stone Ridge Asset Management for its Marcellus shale position, Reuters reported on May 29. The package would cover about 190,000 net acres in Pennsylvania and was pitched using what sources described as the largest asset‑backed securitization (ABS) yet seen in the U.S. oil and gas sector, with future production cash flows pledged as collateral. Stone Ridge, a New York investment firm with about $35 billion under management, has recently used ABS financing to buy mature production assets. Devon, which closed a $58 billion merger with Coterra earlier in May and is reviewing its combined portfolio, has not decided whether to sell; the Marcellus was forecast to account for roughly 20% of Devon’s expected 1.6 million boe/d in 2026. Company management recently increased an $8 billion share buyback program and raised the dividend, while activist investor Kimmeridge has urged asset disposals. Sources cautioned the offer may only be intended to start discussions and a sale is not guaranteed.

The heads of the International Energy Agency (IEA), International Monetary Fund (IMF), World Bank and World Trade Organization (WTO) met late May and on May 29–30 issued a joint warning that the war in West Asia is straining global energy supplies and draining oil inventories. They said disruptions to shipping through the Strait of Hormuz — a critical chokepoint for Gulf oil and gas — and losses of supply risk a rapid depletion of stocks ahead of peak summer demand in the Northern Hemisphere. The institutions flagged disproportionate impacts on poorer and energy‑importing economies via higher fuel and fertilizer prices, rising uncertainty and job risks. They said they are coordinating monitoring and responses across energy, trade and agricultural supply chains and preparing multilateral and bilateral support measures for the most affected countries. The statement also noted that US proposals on a ceasefire with Iran that would reopen waterways and address Tehran’s nuclear capacity were under consideration by Washington.

The Reserve Bank of India in its annual report (2025-26) released May 29 said a prolonged conflict in West Asia, higher energy and commodity prices, supply-chain disruptions and adverse weather could pose short-term headwinds to India’s growth and inflation outlook even as the economy is expected to remain resilient in 2026-27. The RBI retained FY27 real GDP growth at 6.9% and projected CPI inflation at 4.6%, but said risks are tilted to the upside. It noted India’s strong macro fundamentals, healthy corporate and bank balance sheets, government capital expenditure and trade agreements as supportive. The central bank flagged potential upward pressure on domestic bond yields if global monetary easing stalls in response to oil shocks, and warned lingering geopolitical tensions could weigh on corporate earnings and loan portfolios. The report also highlighted monsoon uncertainty (possible El Niño) and supply-side risks, while expecting services exports and remittances to support the current account.

The Reserve Bank of India (RBI) said in its 2025-26 annual report it will widen the scope of the retail e‑rupee to include more welfare direct benefit transfers (DBT), domestic retail use and bilateral and multilateral cross‑border pilots. During 2025-26 the RBI ran multiple welfare‑linked pilots in Gujarat, Puducherry and Chandigarh that used programmable CBDC features to channel food subsidies and other benefits. The central bank is also advancing tokenisation work — including the Unified Markets Interface — and plans a CBDC and Asset Tokenisation (CAT) sandbox for testing products and services. For cross‑border work the RBI signed a digital assets pact with the Monetary Authority of Singapore and is in talks with Singapore and the Central Bank of the UAE, while joining BIS Innovation Hub projects to build interoperable rails. Retail e‑rupee circulation fell to Rs 7.71 billion at end‑March 2026 from Rs 10.16 billion a year earlier. Separately, the RBI’s Indian Financial Sector cloud went live in beta with nine users as phase‑one services roll out.