Indian government bonds held steady as traders digested a heavy supply event: a large sale of the benchmark 10-year note. Attention then shifted to the auction results, with expectations that yields could rise. At the same time, easing liquidity dragged overnight index swap rates lower, while concerns over high oil prices tied to a fragile US-Iran ceasefire kept risk sentiment cautious.
Gold rose as oil prices eased and the US extended its ceasefire with Iran, boosting risk sentiment. Investors weighed a softer inflation outlook linked to weaker oil against persistent geopolitical uncertainty. The move highlights how commodities are reacting not just to energy costs, but also to shifting Middle East risk and policy signals.
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