Gold rebounded on Friday but was set for its biggest weekly loss in six, as renewed U.S.-Iran clashes lifted oil prices, stoked inflation concerns and strengthened expectations that interest rates could stay higher for longer.

FUNDAMENTALS

Spot gold gained 0.5% to $3,988.57 per ounce by 0103 GMT, having touched its lowest since July 1 earlier in the session. U.S. gold ‌futures for ⁠August ⁠delivery were steady at $3,992.70.

Iran and the United States exchanged intensifying fire on Thursday in a week-long escalation that has largely unravelled last month’s truce.

Oil prices have jumped about 12% so far this week as the escalating U.S.-Iran conflict stoked supply concerns.

Non-yielding gold typically struggles when interest rates are high because investors favour investments that offer better returns. The metal is down over 3% ⁠for the ‌week so far.

Dallas Federal Reserve President Lorie Logan became the first of Fed Chairman Kevin Warsh’s new colleagues to call publicly for ⁠a rate hike.
Fed Vice Chair Philip Jefferson also suggested he would be open to raising rates if there is no near-term improvement in inflation.
Inflation is proving persistent across a broad range of goods and services, and remains the focus of monetary policy given a stable labour market, Kansas City Fed President Jeff Schmid said.
The number of Americans filing claims for unemployment benefits fell last week.

U.S. retail ‌sales increased marginally in June as lower gasoline prices weighed on receipts at service stations.

China can stabilise economic growth this year by accelerating already-budgeted national infrastructure investment projects, ⁠economists and one government adviser said, reducing the likelihood of large-scale fiscal stimulus.

Britain on Thursday targeted what it said were illicit gold and finance networks fuelling Sudan’s war, imposing sanctions on 11 individuals and entities.

Elsewhere, spot silver gained 0.2% to $55.60 per ounce, platinum eased 0.1% to $1,616.10 and palladium rose 0.4% to $1,254.62. All three metals were headed for a weekly loss.

DATA/EVENTS (GMT)

0701 China Total Social Financing Jun

0701 China M2 Money Supply YY Jun

0702 China New Yuan Loans Jun

1230 US Housing Starts Number Jun

1230 US Import Prices YY Jun

1315 US Industrial Production MM Jun

1400 US U Mich Sentiment Prelim Jul

Mumbai: The upcoming MSCI rebalancing of its Standard Index could trigger passive inflows of about $2.3 billion into Indian stocks, with as many as 12 additions and three deletions likely in the August review, according to JM Financial. The global index provider is scheduled to announce the changes on August 12 after trading hours. The rebalancing will be effective August 31.

Index changes result in flows into these stocks because trillions of dollars in global passive funds shape their portfolios based on their benchmarks. When a stock is added or removed, index-linked ETFs and mutual funds are forced to buy or sell to mirror the index composition.

JM said Adani Green Energy, Groww (Billionbrains Garage Ventures) and Adani Energy Solutions are high-probability candidates for inclusion in the MSCI India Standard Index. Ather Energy is a medium-probability candidate, while Lenskart Solutions and Steel Authority of India (SAIL) are low-probability candidates for inclusion.

Target is recalling more than 200,000 children’s sandals over the potential risk of “serious injury or death” from a choking hazard.

About 211,000 Cat & Jack Toddler Girls’ Sequerah Sandals are affected by the recall, the U.S. Consumer Product Safety Commission (CPSC) announced Thursday.

The choking hazard concern is due to the possibility of decorative pearls falling off the shoes.

GENERAL MILLS PULLS MORE THAN 735,000 PILLSBURY ROLLS FROM SHELVES OVER POSSIBLE GLASS CONTAMINATION

“The sandals’ decorative pearls can fall off, posing a risk of serious injury or death from a choking hazard,” the CPSC said.

Ticker	Security	Last	Change	Change %
TGT	TARGET CORP.	140.21	+1.92	+1.39%

The sandals are tan and have two raffia straps with gold buckles and plastic pearls. The brand name is printed on the soles and bottoms of the shoes.

BMW RECALLS NEARLY 30K VEHICLES OVER ENGINE STARTER DEFECT THAT COULD CAUSE FIRE

The shoes were sold in sizes 5T through 12T.

The sandals were sold at Target stores across the country and online at the retailer’s website from January 2026 through May 2026 for about $20.

Target has received 23 reports of pearls falling off the shoes.

No injuries have been reported so far with the recall.

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Consumers are urged to stop using the recalled sandals immediately, keep them away from children and contact Target for a full refund.

Nisha Chandrasekaran
Manager of External Communications

Welcome, everyone, to Wipro’s First Quarter Earnings Press Conference. For those of us who are joining virtually, good morning, good afternoon, good evening.

My name is Nisha Chandrasekaran, and I will be your moderator for today. Joining me on stage is our Chief Financial Officer, Aparna Iyer; our Chief Executive Officer and Managing Director, Srini Pallia; and our Chief Human Resources Officer, Saurabh Govil. We will begin with opening remarks from our CEO, followed by a financial review from our CFO. Post that, we’ll open the floor for your questions.

With that, let me invite our CEO and Managing Director, Srini Pallia.

Srinivas Pallia
CEO, MD, Executive Director & Member of Executive Board

Good evening, everyone. I see a lot of familiar faces. Thank you for joining us today. Let me start with a quick view of the broader market that we see, and I’m sure you’re also following what’s going on in the market. The macro environment remains resilient. But of course, there are uncertainties, which continue to shape decision-making for our clients. Technology investments, however, has not slowed. They have become more focused. Our clients continue to invest in AI, data, cloud, modernization, cybersecurity and also productivity-led transformation at an organization level. Spending today is measured with more rigor and longer decision cycles. The AI disruption is expanding the market, but not shrinking it. But at the same time, conversations around AI are becoming very intense. You all heard about the tokenization.