DBT Bureau
Pune, 26 Oct 2026
Precious metals edged higher after last week’s sharp decline as easing crude oil prices helped reduce inflation concerns, while investors awaited the US Federal Reserve’s policy decision for clues on the interest rate outlook. Gold traded above $4,000 per troy ounce, while silver hovered around $54. However, persistent inflation, a stronger Treasury yield environment and geopolitical tensions around the Strait of Hormuz continued to influence market sentiment. Meanwhile, copper faced expectations of a widening global supply surplus, while natural gas prices declined on forecasts of warmer weather in the United States. Latest Commodities report as follows.
- Precious metals edged higher after last week’s sharp decline, as softer oil prices helped ease inflation concerns, while investors remained focused on the upcoming Federal Reserve policy decision later this week for fresh clues.
- The Fed is anticipated to leave interest rates steady at 3.75%-4.00% in the ongoing meeting, with market participants closely monitoring officials’ comments for clues on the future policy path and broader economic conditions.
- Spot gold traded above USD 4000 per troy ounce, while spot silver traded around USD 54 per 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 4.99%, 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 eased after reaching near six-month highs in the previous week, amid expectations of reduced tensions between the United States and Iran. Nevertheless, persistent attacks on Saudi Arabia limited losses by maintaining concerns over potential supply disruptions.
- The number of commercial shipping attacks in and around the Strait of Hormuz marked the highest in the month October.
- 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.
Source: Geojit Investments Limited
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