DBT Bureau
Pune, 27 Oct 2026
Geojit Investments Limited said precious metals edged lower as rising crude oil prices renewed inflation concerns and investors remained cautious ahead of next week’s US Federal Reserve meeting. Gold and silver faced pressure amid expectations of tighter monetary policy, while persistent geopolitical tensions in the Middle East supported crude oil prices. Meanwhile, copper market forecasts pointed to a growing global surplus, and natural gas prices declined on expectations of warmer weather and weaker heating demand.
Commodities data as follows:
- Precious metals edged lower as a sharp rally in crude oil prices revived inflation concerns, while investors remained cautious ahead of next week’s Federal Reserve meeting for further direction on the interest rate outlook.
- Spot gold traded around USD 4120 a troy ounce, while spot silver traded above USD 57 a troy ounce.
- US annual inflation accelerated to 3.7% in September 2026 from 3.4% in August, remaining well above the Federal Reserve’s 2% target and reinforcing market expectations that the central bank could deliver another interest rate hike sooner than previously anticipated.
- The U.S. Dollar Index, which tracks the greenback against six major currencies, eased to near 101.75 marks, while the benchmark 10- year U.S. Treasury yield seen around 5.12%, still in the vicinity of its highest level in nearly two decades.
- China’s central bank extended its gold-buying streak to a 23rd consecutive month in September, with the People’s Bank of China increasing its gold reserves to 77.47 million fine troy ounces from 76.73 million ounces in August.
- Crude oil prices climbed as persistent attacks on Gulf shipping routes and the absence of meaningful diplomatic progress toward ending the Iran conflict heightened concerns over potential supply disruptions. Brent crude hovered near a five-month high, supported by escalating geopolitical risks in the Middle East, while a decline in U.S. crude oil and refined product inventories provided additional support to the market.
- The International Copper Study Group (ICSG) projects the global refined copper market surplus to expand from 104000 metric tonnes in 2026 to 368000 metric tonnes in 2027, driven by rising production. Global refined copper output is forecast to increase by 0.4% in 2026 and 3.4% in 2027, indicating a more comfortably supplied market in the coming years.
- NYMEX natural gas futures slid to a more than two-week low as forecasts for warmer-than-normal weather through early November curbed expectations for heating demand.
