DBT Bureau
Pune, 23 Dec 2025
Geojit Investments’ latest commodities report highlights record highs in precious metals driven by dovish Fed expectations and geopolitical risks, while energy markets remain range-bound and industrial metals face mixed supply-demand signals.
- Gold spot surged closer to the USD4,500 per troy ounce, while silver spot hovered just below USD70, as dovish hopes from Federal Reserve and heightened geopolitical tensions pushed precious metals to new record highs.
- U.S. non-farm payrolls added 64,000 jobs in November, reversing October’s decline of 105,000. Job gains were led by health care and construction, while federal government payrolls continued to shrink. Meanwhile, the unemployment rate jumped to 4.6% in November.
- U.S. Fed lowered interest rates by 25 basis points to a target range of 3.50%– 3.75% in this month’s policy meeting, while signaling a likely pause in further cuts as officials await clearer indications on labor market trends and inflation, which remains somewhat elevated.
- Copper production from Chilean state-run miner Codelco fell 14.3% in October, falling to 111,000 metric tonnes. Meanwhile production at BHP’s Escondida mine, the world’s largest copper mine, climbed 11.7% from the same month a year earlier to 120,600 tonnes. At Collahuasi, another major copper mine jointly run by Glencore and Anglo American, output fell 29.3% to 35,000 tonnes.
- Crude oil prices steadied as traders balanced geopolitical risks against bearish fundamentals, following U.S. signals that it may sell seized Venezuelan crude, while Ukraine’s strikes on Russian vessels and piers intensified concerns over supply disruptions.
- OPEC+ decided to keep oil output unchanged for the first quarter of 2026, signaling a slowdown in its efforts to reclaim market share amid concerns over a potential supply glut.
- NYMEX natural gas futures declined, weighed down by rising production and forecasts for warmer weather that could dampen heating demand. Meanwhile, warmer than normal weather is expected through January 6, keeping gas consumption for heating homes and businesses lower than usual for this time of year.
- China’s manufacturing PMI signaled contraction in November, reflecting sluggish demand and indicating that progress in U.S. trade talks has yet to translate into a meaningful demand recovery.
