Daily Commodity Report for 23 Sep 2025: Indian & US Markets

GLOBAL MARKET ROUND UP

Gold and silver have emerged as the best-performing major commodities this year, driven by a combination of supportive factors. A dovish signal from the Federal Reserve indicates that two more rate cuts are likely by the end of this year, which could restrain gains in the US dollar and Treasury yields while boosting precious metal prices. Furthermore, strong inflows into exchange-traded funds and ongoing interest from central banks have also played a role in the increase in bullion prices.

Spot gold reached a fresh all-time high, while spot silver climbed to a new 14-year high in the Asian trading hours on Tuesday. In the domestic market, both gold and silver traded at record levels, tracking the bullish trend in international markets.

Powell is scheduled to deliver a highly anticipated speech on the economic outlook later on Tuesday. In the meantime, there are mixed views from Federal Reserve officials on the rate cuts path. St. Louis Fed President Alberto Musalem noted that he sees limited room for further reductions due to elevated price pressures. Conversely, Stephen Miran argued that U.S. rates are too high and made a case for aggressive easing in the coming months, presenting an outlier stance in his first policy speech since becoming a Fed governor.

Crude oil prices have declined for a fifth consecutive day. This decline is attributed to indications that global supplies are likely to increase, which may lead to a surplus in the fourth quarter and into 2026. Additionally, Iraq is expected to soon resume its oil exports via Kurdistan following a two-year suspension, potentially adding about 230,000 barrels per day back into international markets.

Copper hovered around $10,000 on the LME, influenced by mixed global cues. An accident in Indonesia has suspended operations at the world’s second-largest mine for two weeks, affecting global supplies. Higher prices and uncertainty about the Chinese economy overshadowed a softer U.S. dollar and ongoing concerns about supply disruptions.