DBT Bureau
Pune, 28 August 2026
Precious and base metals traded largely subdued on Thursday as a stronger U.S. dollar pressured commodity prices, while investors remained cautious ahead of Federal Reserve Chairman Kevin Warsh’s comments at the Jackson Hole symposium. Spot gold slipped below USD 4,600 per troy ounce, while silver held above USD 68. Meanwhile, crude oil prices declined on expectations of easing Middle East supply disruptions, and base metals remained under pressure despite tight supply concerns supporting copper and zinc near recent highs.
- Precious metals traded largely steady during the session after declining in the previous session, as a stronger U.S. dollar continued to pressure prices. Market participants remained cautious ahead of comments expected from Federal Reserve Chairman Kevin Warsh at the Jackson Hole symposium later this week.
- Spot gold slipped below USD 4600 per troy ounce, while spot silver continued to trade above USD 68 per troy ounce.
- U.S. Dollar index, a gauge that measures greenback against a basket of six currency rivals, traded around 99 mark.
- Total U.S. debt has topped USD40 trillion for the first time, drawing fresh warnings that a fiscal crisis is brewing.
- The U.S. economy grew at an annualized rate of 1.5% in the second quarter of 2026.
- The U.S. inflation rate slowed to 3.4% annually in July from 3.5% in June, indicating a modest easing in price pressures.
- Crude oil prices dropped on expectations that talks between Iran and Oman might reduce supply disruptions from the Middle East war. Iran and Oman are working to finalize the details of an agreement governing the Strait of Hormuz.
- Base metals broadly traded lower as a stronger U.S. dollar weighed on sentiment, with copper and zinc easing from their recent record highs.
- Copper prices on both the LME and MCX eased today, but prices remained in the vicinity of recent highs supported by ongoing concerns over tightening supply conditions. LME zinc climbed to its highest level since June 2022, while MCX zinc futures surged to a record high, as rising stockpiles in China, the world’s largest metals consumer, heightened concerns about supply shortages in other regions and fueled speculative buying.
- Aluminium inventories in LME warehouses fell to multi-decade low of around 250000 metric tonnes.
Source: Geojit Investments Limited
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