International gold prices fell to a seven-month low, briefly dropping to $3,964 an ounce and more than 20% below the January peak, a threshold often associated with a bear market. Silver also slipped below $60 an ounce. The declines were driven by a stronger U.S. dollar and firmer expectations for higher U.S. interest rates after hawkish signals from Federal Reserve officials such as Chair Kevin Warsh. Gold-linked stocks including Hindustan Zinc, Manappuram Finance and IIFL Finance traded lower.

Gold fell below $4,000 an ounce, sliding to a low of $3,964 an ounce, its lowest level since November, while silver also came under pressure. The drop followed a stronger U.S. dollar and rising expectations that the Federal Reserve will keep interest rates high. The stronger dollar has reduced the appeal of dollar-priced precious metals for overseas investors.

Elon Musk’s net worth has slipped back to $957 billion by Bloomberg’s measure after SpaceX shares tumbled, with the stock falling below $150 and more than $600 billion in value erased within three trading sessions. The pullback followed concerns over SpaceX’s plans for heavy investment in artificial intelligence infrastructure and a broader tech-market selloff. Tesla shares also fell around 5% this week after U.S. regulators opened a safety investigation into a fatal crash involving a Tesla Model 3 that was reportedly using an advanced driver assistance system. SpaceX and Tesla remain Musk’s two core assets, together accounting for nearly 90% of his wealth.

Brent crude futures slid 1.8% to $75.71 a barrel on June 24, their lowest level since February 27, while WTI fell 1.5% to $72.13, the weakest since March 3. The drop followed a U.S.-Iran ceasefire deal and signs shipping through the Strait of Hormuz is normalising, including three very large crude carriers transiting, alongside a 60-day U.S. sanctions waiver for Iran that boosted expectations Iranian crude could return to the market within weeks. U.S. crude inventories fell by 765,000 barrels, according to API data, but the drawdown did little to offset expectations of looser supply conditions.

SpaceX shares fell 5% to $147 in premarket trading on June 23, slipping below their first-day opening price of $150. The move wiped about $40 billion in market value in a single session and more than $60 billion over three days. Over the same period, Nasdaq 100 futures dropped 2.6% and S&P 500 futures fell 1.4% after reports that South Korea’s SK Hynix and Samsung Electronics paused AI chip capacity expansion. SpaceX is not publicly listed, but its secondary-market trading has been viewed as a barometer of cooling sentiment across AI-related stocks.

Global precious metals sold off sharply, with spot gold down as much as 1.2% to below $4,140 an ounce and silver sinking 2.8% to $63.25, while platinum and palladium also fell. The move was driven by stickier-than-expected U.S. inflation, hawkish comments from Chicago Fed President Austan Goolsbee and former Fed Governor Kevin Warsh, and a firmer dollar. Gold is down roughly 20% since late February and silver has slid more than 30%. Investors are now waiting for the U.S. PCE price index due later this week to gauge the interest-rate path.

SpaceX shares extended a three-day slide, falling 16% in the latest session and erasing nearly $600 billion in market value. The stock has retreated from a post-listing peak of $225 to $154.6, still about 15% above its IPO price of $135. The company is reportedly planning a first-time investment-grade bond sale of at least $20 billion to fund expansion of its artificial intelligence initiatives, though it has not confirmed the final size. Retail investors have continued to buy, but demand has softened compared with earlier sessions.

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The Iran war’s surge in oil prices is speeding up China’s shift toward electric vehicles, with fully electric registrations rising to almost 42% of the total in April. Analysts estimate China may permanently lose 300,000 to 600,000 barrels a day of transportation fuel demand, and crude imports are expected to fall by 3.3 million barrels a day this quarter from a year earlier. The International Energy Agency says China’s average oil demand is set to drop by 360,000 barrels a day this year, the first meaningful annual decline since the oil crises of the 1970s and early 1980s.