DBT Bureau
Pune, 7 Feb 2026
According to Geojit Investments, energy and precious metals markets remained cautious as geopolitical developments, central bank outlook and supply dynamics shaped price movements.
- Precious metals perked up after previous session’s fall, while a strengthening U.S. dollar capped prices. Precious metals prices were weighed by a hawkish central bank outlook after U.S. President Donald Trump nominated Kevin Warsh as the next Fed chair.
- Both spot gold and spot silver gave up much of their January gains, with gold trading near USD4840 per troy ounce and silver around USD73 per troy ounce.
- The U.S. dollar index, which measures the greenback against six major currency peers, rebounded from near a three-year low as expectations of a more hawkish Fed chair boosted the dollar. The renewed strength in the U.S. dollar pressured commodities, as dollar-denominated assets become more expensive for holders of other currencies.
- The U.S. unveiled plans to rally its allies into a preferential trade bloc for critical minerals, proposing coordinated price floors as part of broader efforts to reduce China’s dominance over materials vital to advanced manufacturing. The latest list was expanded to include commodities such as silver, copper, and aluminium.
- OPEC+ agreed to keep oil production unchanged for March during its latest meeting. OPEC had previously paused the rollback of its voluntary production cuts for January and February in response to weakening crude prices.
- Crude prices edged up while trades grew cautious ahead of the U.S. and Iran talks in Oman today. A positive outcome could help ease fears of a potential military confrontation and reduce the risk of supply disruptions from the key Middle East producing region.
- NYMEX natural gas futures steadied after last three sessions’ recovery as forecasts pointed to warmer than normal weather through mid-February and lower demand expectations for the coming week. Meanwhile, increased gas flows to liquefied natural gas (LNG) export facilities underpinned prices.
- Average gas flows to the eight large U.S. LNG export plants rose to 18.3 billion cubic feet per day so far in February, up from 17.8 bcfd in January. That compares with a monthly record high of 18.5 bcfd in December.
- Meanwhile, European gas storage dropped to 41.13% of total capacity. In 2025, EU sourced 27% of its total gas and LNG imports from the U.S.
