DBT Bureau
Pune, 21 April 2026
Global commodity markets turned volatile as escalating tensions around Iran and disruptions in the Strait of Hormuz pressured precious metals, supported crude oil prices, and reinforced supply concerns across aluminium markets.
- Precious metals declined yesterday after Friday’s surge, as renewed geopolitical tensions unsettled markets. The ceasefire announced on Friday quickly unraveled over the weekend after Iran attacked ships,
leading to a renewed blockade of the Strait of Hormuz. Adding to tensions, the U.S. said it seized an Iranian cargo vessel that attempted to breach its blockade, prompting Iran to vow retaliation. - Spot gold slipped below USD 4800 per troy ounce paring the gains from previous session, while spot silver traded below USD 80 per troy ounce.
- Caution persisted in the market over the durability of the ceasefire, as prospects for a longer-term peace appeared increasingly fragile. Iran said it would not take part in a second round of negotiations that the U.S. had hoped to begin before the ceasefire expires, raising fresh concerns about the deal’s future.
- US Dollar index, a measure of greenback against six currency rivals,rebounded above 98 marks.
- Crude oil prices rebounded, recovering about half of the previous session’s losses, as supply concerns reverberated with traffic through the Strait of Hormuz remaining largely disrupted.
- OPEC+ agreed to raise its oil output quotas by 206,000 barrels per day for May, a modest rise that will largely exist on paper as its key members are unable to raise production due to the U.S.-Israeli war with Iran.
- Emirates Global Aluminium said fully restoring primary aluminium production at its Al Taweelah smelter in the UAE that was hit by an Iranian attack late last month could take up to a year.
- China’s primary aluminium production in March rose 2.7% yoy, as supply fears linked to the Iran conflict supported prices of the light metal. Aluminium production climbed to 3.85 million metric tons in March.
Source: Geojit Investments
