DBT Bureau
Pune, 8 June 2026
Global commodity markets witnessed heightened volatility as stronger-than-expected U.S. jobs data reinforced expectations of further Federal Reserve rate hikes, pressuring precious metals, while escalating geopolitical tensions in the Middle East supported crude oil prices and raised concerns over global energy supply disruptions.
- Precious metals continued to decline as growing expectations of U.S. Federal Reserve interest rate hike, driven by a strong jobs report, boosted the U.S. dollar against other currencies. Meanwhile, escalating tensions in the Middle East lifted oil prices and heightened concerns about rising inflation.
- Spot gold slipped to 10-week low and hovered below USD4300 a troy ounce, while spot silver slipped to near USD70 a troy ounce.
- The U.S. economy added 172,000 jobs in May 2026, significantly exceeding expectations and highlighting the continued strength of the labor market. Meanwhile, the unemployment rate held steady at 4.3%. The robust job data increases the likelihood that the Fed will pursue further monetary tightening as inflationary pressures persist.
- 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 advanced as investors were unsettled by fresh Israeli strikes on Iran, along with renewed attacks on Lebanon the previous day.
- International Energy Agency said that the global oil supply is expected to fall short of demand this year, as the Iran conflict disrupts Middle East production and tightens market balances.
- Indian refiners turned to imports from Latin America and Africa after supplies from the Middle East were disrupted.
- Iranian oil prices slipped into discounts for the first time since April, while Russian crude premiums eased as traders cut prices to entice Chinese buyers amid sluggish demand
- NYMEX natural gas futures fell on a small increase in output and lingering liquefied natural gas (LNG) export plant maintenance after rising to a 16- week high in the prior session on forecasts for more heat and higher demand through late June.
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Source: Geojit Investments Limited
