DBT Bureau
Pune, 14 Nov 2025
The latest Geojit report released highlights mixed movements across commodities, with bullion firming while energy and base metals reflect evolving global market cues.
- Spot gold surged to above three week high, while spot silver approached record highs, on expectations that a U.S. government reopening could add to the economy’s debt burden and weaken the U.S. dollar.
- U.S. President Donald Trump signed legislation ending a 43-day government shutdown. The government reopening could also resume the flow of economic data ahead of an anticipated Federal Reserve rate cut next month.
- The resumption of economic data releases could enable the Federal Reserve to better assess the state of the economy and continue its monetary easing cycle. The Fed has already cut interest rates by 50 basis points over the last two meetings, bringing the target range to 3.75%–4.00%. With data releases restarting, the likelihood of another rate cut in December has increased.
- China’s exports declined by 1.1% in October, as outbound shipments fell following months of front-loading orders to avoid U.S. tariffs. Meanwhile, imports posted a modest increase of 1% during the same period.
- China’s central bank continued its gold-buying streak for the 12th consecutive month in October, according to data from the People’s Bank of China (PBOC). The country’s gold reserves rose to 74.09 million fine troy ounces by the end of October, up from 74.06 million in September and marking a 1.8% increase compared to 72.8 million ounces a year earlier.
- Crude oil prices declined following reports of a potential supply glut in 2026. The OPEC monthly report shows that the global oil market is expected to see a modest surplus in 2026, driven by OPEC+ unwind and higher production from other suppliers, a notable shift from earlier projections of a deficit.
- Meanwhile, the forecasts from International Energy Agency imply that supply could exceed demand by about 4 million bpd in 2026, equal to almost 4% of global demand.
- NYMEX natural gas futures traded near eight-month high on forecasts of another round of cold weather in December and firmer power demand, and record-breaking LNG exports to European and Asian buyers.
- China’s copper imports declined in October, as high prices discouraged consumers from restocking the metal, which is widely used in power and construction sectors. Imports fell to 438,000 metric tonnes, down 9.7% from 485,000 tons in the previous month.
