DBT Bureau
Pune, 22 Sep 2026
Precious metals edged lower as profit-taking and a firmer U.S. dollar weighed on prices, while weaker crude oil prices helped limit the decline. Investors continued to assess renewed inflation concerns linked to rising Middle East tensions, the Federal Reserve’s latest interest-rate decision and expectations for further monetary tightening. Spot gold traded near USD 4,350 per troy ounce, while silver remained above USD 66 per ounce. Meanwhile, crude oil prices extended their decline from recent highs as concerns over regional supply disruptions eased, while aluminium output in China and rising copper inventories pointed to changing supply-demand conditions across industrial metals. Europe’s lower-than-average gas storage levels also remained a key energy market concern ahead of the winter demand season.
- Precious metals edged lower amid profit-taking and a firmer U.S. dollar. However, weaker crude oil prices helped limit losses, while investors continued to assess renewed inflation concerns stemming from the latest escalation in the Middle East conflict, alongside the Federal Reserve’s recent rate decision and the outlook for further monetary tightening.
- Spot gold traded near USD 4350 per troy ounce, while spot silver traded above USD 66 per troy ounce.
- The Federal Reserve raised interest rates to a range of 3.75% to 4.00% and signaled additional rate hikes in the months ahead. The central bank noted that inflation remains elevated and emphasized that the latest policy action is intended to support a timely return to its 2% inflation target.
- Iran and the U.S. exchanged fresh threats, heightening geopolitical tensions, although Donald Trump indicated openness to meeting Iranian President Masoud Pezeshkian during the upcoming UN General Assembly.
- Crude oil prices extended their decline from recent highs after reports indicated that Middle East oil flows remained resilient despite disruptions to Saudi Arabia’s East-West pipeline. Additional crude cargoes offered by Saudi Arabia through Oman helped ease concerns over the severity of regional supply disruptions.
- NYMEX Crude oil futures for October delivery slipped below USD100 a barrel while ICE Brent traded around USD102 a barrel.
- China’s aluminium production rose by 4.7 % to 3.98 million metric tonnes in August from a year earlier. In the first eight months of the year, China produced 31.12 million metric tonnes, a rise of 3.9 % from the same period last year.
- Copper inventories in LME registered warehouses have climbed nearly 20% since mid-August to 242900 tonnes, driven by elevated premiums for nearby contracts over longer-dated forward contracts, encouraging the delivery of metal into exchange warehouses.
- Europe’s gas storage facilities, which serve as a safeguard against supply disruptions and price volatility during the peak winter demand season, are currently 69% full, compared with the five-year average of 85% for this time of year. U.S. was a key source of Europe’s LNG imports over the last few years.
Source: Geojit Investments Limited,
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