DBT Bureau
Pune, 30 Oct 2026
Geojit Investments Limited reported that commodity markets witnessed mixed trends, with precious metals trading lower as investors assessed the US Federal Reserve’s interest rate decision and inflation outlook. Gold and silver remained under pressure amid elevated US inflation and higher Treasury yields, while continued gold purchases by China’s central bank provided some support. Crude oil prices eased on optimism over potential Middle East peace negotiations, while copper faced concerns over a widening global supply surplus. Meanwhile, natural gas prices edged higher on increased LNG export demand, although forecasts of milder weather limited the upside. Investors remained focused on upcoming US economic data and global geopolitical developments for further direction across commodity markets.
- Precious metals traded lower as investors assessed the Federal Reserve’s decision to leave interest rates unchanged and remarks from Chair Kevin Warsh. Meanwhile, markets’ attention shifted towards the key U.S. economic releases later today for fresh signals.
- The Fed kept interest rates unchanged at 3.75%-4.00%, choosing to wait for additional inflation data and the outcome of next week’s U.S. midterm elections before considering any adjustments to borrowing costs.
- Spot gold traded near USD 4030 per troy ounce, while spot silver traded around USD 53 per troy ounce.
- US annual inflation accelerated to 3.7% in September 2026 from 3.4% in August, remaining well above the Federal Reserve’s 2% target and reinforcing market expectations that the central bank could deliver another interest rate hike sooner than previously anticipated.
- The U.S. Dollar Index, which tracks the greenback against six major currencies, eased to near 102.2 marks, while the benchmark 10-year U.S. Treasury yield seen around 5%, still in the vicinity of its highest level in nearly two decades.
- China’s central bank extended its gold-buying streak to a 23rd consecutive month in September, with the People’s Bank of China increasing its gold reserves to 77.47 million fine troy ounces from 76.73 million ounces in August.
- Crude oil prices declined, paring earlier gains amid optimism over potential peace negotiations, which helped alleviate fears of supply disruptions in the Middle East. Despite the pullback, NYMEX crude held above the USD 100 per barrel mark.
- The International Copper Study Group (ICSG) projects the global refined copper market surplus to expand from 104000 metric tonnes in 2026 to 368000 metric tonnes in 2027, driven by rising production. Global refined copper output is forecast to increase by 0.4% in 2026 and 3.4% in 2027, indicating a more comfortably supplied market in the coming years.
- NYMEX natural gas futures edged higher, supported by increased gas flows to liquefied natural gas (LNG) export facilities. However, forecasts for milder-than-normal weather through November 11 are expected to limit heating demand, potentially capping further upside in natural gas prices.
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