DBT Bureau
Pune, 13 June 2026
Global commodity markets traded with mixed sentiment as precious metals recovered from recent lows, while crude oil prices edged lower amid shifting geopolitical developments and weak demand signals from China. Gold and silver rebounded on safe-haven buying despite concerns that persistent U.S. inflation could lead to further interest rate hikes. Meanwhile, escalating tensions between Israel and Iran kept energy markets on alert, although softer Chinese crude and copper import data weighed on the broader outlook for industrial commodities. China’s stronger aluminium exports, driven by supply disruptions in the Gulf region, provided a contrasting bright spot in the metals market.
- Spot gold rebound from six month low, but remained on trajectory of a weekly decline, as rising inflation concerns and the prospect of further interest rate hikes weighed on investor demand for the precious metal. US inflation climbed to 4.2% in May, reinforcing expectations that policymakers may tighten monetary policy, which in turn reduced the appeal of non-yielding assets like gold.
- U.S. President Donald Trump said an agreement with Iran could be finalized as early as this weekend and indicated that planned strikes on Thursday had been called off, while Tehran stated it had yet to make a final decision on the deal.
- Spot gold rebounded from a six-week low reached yesterday, rising back above USD 4200 per troy ounce, while spot silver also recovered to trade above USD 67 per troy ounce.
- India has tightened restrictions on silver imports by adding grain and powder forms to the list of restricted categories and mandating prior valid import authorization, as the world’s biggest consumer of the metal tries to rein in shipments and ease pressure on the rupee.
- Tensions escalated in the Middle East after Israel announced on Monday that it carried out strikes on a petrochemical plant in southwestern Iran, along with additional attacks targeting military sites.
- Crude oil prices edged lower after rising in the previous session on escalating U.S.–Iran tensions, as traders turned cautious and reassessed the potential impact of the renewed hostilities on supply and demand dynamics.
- China’s May crude imports slumped 29% to their lowest levels in eight years, extending a sharp decline in the world’s largest oil importer that is helping keep a lid on global oil prices. Imports dropped to 33.08 million tonnes, or 7.79 million barrels per day, the lowest level since February 2018.
- China’s copper imports declined 1.33% month-on-month to 446,000 tonnes, with January–May imports at 2.01 million tonnes, down 7% year-on-year.
- China’s aluminium exports rose 5.68% in May to 632,000 tonnes, driven by supply disruptions in the Gulf region linked to the Iran conflict. China’s unwrought aluminium and product exports climbed 5.68% in May to 632,000 metric tonnes.
Source: Geojit Investments Limited
