DBT Bureau
Pune, 25 Sep 2026
According to Geojit Investments’ commodity report, precious metals remained under pressure as hawkish comments from Federal Reserve policymakers and a firmer U.S. dollar weighed on sentiment. Spot gold traded near USD 4,250 per troy ounce, while silver was around USD 63.50 per troy ounce. Meanwhile, developments across crude oil, aluminium, copper and natural gas markets continued to influence the broader commodities outlook. The report explained the key developments as below, covering changes in supply conditions, weather forecasts, inventories and global market factors that are influencing commodity prices.
- Precious metals edged lower amid hawkish remarks from Federal Reserve policymakers and a firmer U.S. dollar. However, weaker crude oil prices helped limit losses, while investors continued to assess renewed inflation concerns stemming from the latest escalation in the Middle East conflict, alongside the Federal Reserve’s recent rate decision and the outlook for further monetary tightening.
- Spot gold traded near USD 4250 per troy ounce, while spot silver traded around USD 63.50 per troy ounce.
- 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 rebounded today as diplomatic discussions between the U.S. and Iran at the United Nations General Assembly showed limited progress. However, upside momentum remained constrained by steady Gulf crude supplies, with additional Saudi crude cargoes routed through Oman helping to alleviate concerns over the extent of regional supply disruptions.
- 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.
- Copper inventories in LME registered warehouses have climbed nearly 20% since mid-August to 242900 tonnes, driven by elevated premiums for nearby contracts over longer-dated forward contracts, encouraging the delivery of metal into exchange warehouses.
- NYMEX natural gas prices climbed this week, supported by forecasts for seasonally cooler temperatures that are expected to increase heating demand, alongside lower daily production and higher gas flows to liquefied natural gas (LNG) export facilities so far this month.
- 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. U.S. was a key source of Europe’s LNG imports over the last few years.
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