DBT Bureau
Pune, 16 Oct 2026
According to Geojit Investments’ commodity market data and reports, precious metals rebounded from a one-week low as the U.S. dollar weakened, with spot gold trading around USD 4,160 per troy ounce and silver above USD 56.70. However, rising U.S. inflation, which accelerated to 3.7% in September 2026 from 3.4% in August, has strengthened expectations of a potential Federal Reserve rate hike. Meanwhile, China extended its gold-buying streak for a 23rd consecutive month, providing support to the precious metals market. In the broader commodities market, crude oil prices remained steady amid supply disruption concerns, while forecasts of rising refined copper production point to a larger global surplus in 2027.
- Precious metals rebounded from a one-week low recorded in the previous session as the U.S. dollar weakened, while investors evaluated the prospects of a Federal Reserve interest rate hike later this month following stronger-than-expected inflation data.
- Spot gold traded around USD 4160 a troy ounce, while spot silver traded above USD 56.70 a 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 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 steadied as markets balanced concerns over potential supply disruptions following attacks on Saudi Arabian facilities against expectations of increased diesel exports from Russia.
- U.S. henry hub natural gas storage levels are expected to conclude the April-October summer injection season at 3.829 trillion cubic feet on October 31, marking the lowest end-of-season level in three years.
- 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.
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