DBT Bureau
Pune, 2nd Oct 2026
According to Geojit Investments Limited’s commodities data and report, precious metals remained under pressure as rising crude oil prices increased inflation concerns and strengthened expectations that interest rates could stay elevated. The firm noted that a stronger U.S. dollar and higher Treasury yields also weighed on bullion, while investors remained cautious ahead of key economic data. Crude oil prices continued to find support from tight fuel markets despite improving Middle East supplies, while lower shipments through the Strait of Hormuz kept supply concerns in focus. Meanwhile, higher aluminium production in China and below-average gas storage levels in Europe added further pressure to the broader commodities outlook.
- Precious metals paused after marking a monthly decline as rising crude oil prices heightened inflation concerns, reinforcing expectations that interest rates may remain elevated. Additionally, the U.S. dollar was on course for a monthly gain, reducing the attractiveness of bullion by making it more expensive for overseas buyers.
- Spot gold traded above USD 4150 a troy ounce, while spot silver traded above USD 60 a troy ounce. Meanwhile, Investors grew cautious ahead of a slew of economic numbers due this week.
- U.S. Dollar Index, which measures the greenback against a basket of six major currencies, remained firm near the 101.8 mark, while the yield on the benchmark 10-year U.S. Treasury note climbed to around 5.34%, its highest level in nearly two decades, exerting pressure on bullion prices.
- 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.
- Crude oil prices climbed today as persistently tight fuel markets continued to support prices despite the recovery in Middle East crude supplies, while investors assessed renewed US-Iran diplomatic efforts to end the Middle East conflict.
- Crude oil exports through the Strait of Hormuz reached 33.7 million barrels during the week, compared to 49.2 million barrels of crude shipped out via Hormuz in the preceding week.
- 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.
- 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.
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