DBT Bureau
Pune, 30 July 2026
Gold held steady as the dollar remained firm ahead of the Federal Reserve’s interest rate decision, while silver rebounded. Crude oil prices swung sharply amid shifting expectations over the U.S.-Iran conflict and developments in the Middle East. Industrial metals also drew attention, with LME aluminium inventories falling to a 28-year low, China’s aluminium exports reaching a record high, and the global refined copper market moving into a deficit. Meanwhile, easing U.S. inflation pressures added to expectations around the future path of monetary policy.
- Spot gold steadied after previous session’s fall as the U.S. dollar remained firm ahead of the Federal Reserve’s interest rate decision later tonight, with investors closely watching for signals on the future path of U.S. monetary policy.
- Spot gold seen trading above USD 4000 a troy ounce while spot silver rebounded to near USD 58 a troy ounce.
- Crude oil futures plunged as optimism over a potential resolution to the U.S.-Iran conflict improved market sentiment, while traders continued to assess evolving developments across the Middle East.
- NYMEX crude oil surged over 3% as escalating Middle East tensions intensified after U.S.-Saudi strikes on Iran-backed groups in Iraq and an intercepted Iranian missile attack targeting U.S. forces.
- A shipping data showed that the vessel traffic through the Bab el-Mandeb Strait increased, while transit volumes through the Strait of Hormuz remained subdued, reflecting cautious optimism surrounding a potential resolution to the U.S.-Iran conflict and a gradual easing of regional supply disruption concerns.
- Aluminium inventories in LME warehouses fell to a 28-year low of 271,275 metric tonnes as supply disruptions in the conflict-affected Middle East prompted consumers to draw down stocks to secure metal supplies.
- China’s aluminium exports rose 12.5% to 711000 tonnes in June, reaching a record high. In H1-2026, China’s cumulative aluminium exports totaled 3.4 million tonnes, up 16.3% year-on-year.
- The global refined copper market showed a 145000 metric tonnes deficit in April, compared with a 23000 metric tonnes surplus in March, the International Copper Study Group (ICSG) said.
- China’s imports of refined copper rose to a nine-month high of 281307 metric tonnes in June, driven by robust demand and a decline in its domestic supply.
- The U.S. Inflation eased to 3.5% yoy in June, while core inflation also moderated, indicating a further slowdown in underlying price pressures.
Source: Geojit Investments Limited
