DBT Bureau
Pune, 7 April 2026
According to latest report by Geojit Investments highlights a mixed trend across global commodities, where gains in precious metals were capped by stronger-than-expected U.S. labor market data, reducing hopes of near-term rate cuts. Meanwhile, escalating geopolitical tensions involving Iran have intensified concerns over supply disruptions, particularly in the aluminium market after production setbacks at key facilities in the UAE.
- Precious metals posted modest gains during the session, but a stronger than expected U.S. jobs report reduced expectations for interest rate cuts, limiting further upside in bullion prices.
- U.S. non-farm payrolls rose by 178,000, while the unemployment rate fell to 4.3%, underscoring the continued strength of U.S. labor market conditions.
- Spot gold traded above USD 4700 per troy ounce, while spot silver traded around USD 73 per troy ounce.
- US Dollar index, a measure of greenback against six currency rivals, eased below 100 marks.
- Tensions around Iran remain elevated amid continued casualties and attacks on energy infrastructure. Although a proposed U.S. Iran framework aims for a comprehensive agreement within 15–20 days, prospects for de-escalation remain uncertain as President Trump has warned of further strikes and set a deadline for a deal and the reopening of the Strait of Hormuz, which Iran has so far rejected, citing insufficient U.S. commitment to a lasting ceasefire.
- Crude oil prices softened with limited movement as investors awaited clearer signals from ongoing U.S. Iran negotiations, while remaining cautious about potential supply disruptions stemming from shipping uncertainties.
- OPEC+ agreed to raise its oil output quotas by 206,000 barrels per day for May, a modest rise that will largely exist on paper as its key members are unable to raise production due to the U.S.-Israeli war with Iran.
- Emirates Global Aluminium said fully restoring primary aluminium production at its Al Taweelah smelter in the UAE that was hit by an Iranian attack late last month could take up to a year. The facilities at Al Taweelah were fully evacuated and entered an emergency shutdown after the March 28 attacks on the Khalifa Economic Zone in Abu Dhabi.
- U.S. President Donald Trump adjusted his national security tariffs on steel, aluminum and copper imports to cut duty rates on derivative products made with the metals, simplify compliance and avoid under-reporting of import values.
