DBT Bureau
Pune, 10 August 2026
Global commodity markets traded with mixed cues as weaker-than-expected U.S. employment data raised expectations of a more accommodative Federal Reserve policy, supporting precious metals. Gold climbed above USD 4,300 per troy ounce, while silver gained around 5% to trade above USD 64. Meanwhile, crude oil remained subdued amid uncertainty over the reopening of the Strait of Hormuz, while copper and aluminium strengthened on mounting supply concerns. Industrial market sentiment remained mixed as U.S. manufacturing activity accelerated, contrasting with a contraction in China’s factory activity.
- Precious metals advanced after weaker-than-expected U.S. jobs data reduced expectations of further Federal Reserve rate hikes, while investors turned their attention to upcoming inflation data for additional signals on the central bank’s policy direction.
- Spot gold hovered above USD 4300 per troy ounce, highest since mid-June, while spot silver traded above USD 64 per troy ounce, gaining 5% today.
- U.S. nonfarm payrolls unexpectedly declined by 23,000 in July, missing market expectations, while the unemployment rate edged down to 4.1%, signaling a weaker labor market health.
- The FOMC kept its benchmark interest rate unchanged at 3.50%-3.75%, while Fed Chair Kevin Warsh reaffirmed the central bank’s steadfast commitment to bringing inflation under control.
- Iran stated that it is close to finalizing an agreement with Oman on new shipping routes through the Strait of Hormuz, but stressed that the U.S. must first meet key conditions, including lifting sanctions, ending military threats, and providing compensation, before the vital waterway can be reopened.
- Crude oil prices were little changed as optimism surrounding talks to reopen
the Strait of Hormuz was offset by Iran’s insistence that the U.S. meet several conditions before the strategic waterway can resume operations. - Copper prices in LME and MCX platforms hovered higher, with London copper remaining close to a six-month peak after the Democratic Republic of Congo imposed a ban on copper and cobalt concentrate exports, raising supply concerns.
- Aluminium inventories in LME warehouses fell to a 28-year low of 271275 metric tonnes as supply disruptions in the conflict-affected Middle East prompted consumers to draw down stocks to secure metal supplies.
- U.S. ISM Manufacturing PMI increased to 55.6% in July 2026 from 53.3% in June, signaling an acceleration in manufacturing sector expansion.
- China’s factory activity unexpectedly slipped into contraction in July, pressured by shrinking new orders that reinforced concerns over slowing economic growth, weak demand at home and elevated production costs.
Source: Geojit Investments
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