Weekly Commodity Report for 28 Apr 2025: Indian & US Markets

Global Market Round Up

Gold’s bullish momentum appears to have waned in the previous week, and market participants avoided fresh long trades as they remained optimistic about a potential deescalation of the US-China trade war, which serves as a headwind for the safe-haven gold price. In fact, US President Donald Trump indicated on Thursday that trade discussions between the US and China are ongoing. On the other side, media sources imply that China is considering postponing its 125% tariff on some US products. However, China’s Foreign Minister claims that no trade talks have occurred.

Additionally, the recovery in the US dollar has further pressured gold prices. The dollar index closed in positive territory for the first time after four consecutive weekly declines.

Crude oil prices closed higher on Friday but logged notable weekly declines, pressured by growing fears of oversupply. A Reuters report said that several OPEC+ members are pushing to accelerate oil output increases for June, following a larger-than-expected 411,000 barrels per day hike in May. Saudi Arabia, frustrated by overproduction from Kazakhstan and Iraq, led the call for quicker action. In addition to this, fresh supply signals continue to build, with Baker Hughes reporting a two-rig increase in the U.S. oil-directed count, reaching 483.

Natural gas futures have extended their slide to four consecutive weeks, with demand not expected to increase until hotter summer weather arrives to boost electricity-sector usage. For the week, the contract declined by approximately 9.50%.

Base metals surged last week, with copper and aluminum up 2.02% and 2.64% on the week, respectively, amid hopes of a de-escalation in U.S.-China trade tensions.

What to Watch: The focus will primarily be on news related to tariffs in the upcoming week. Manufacturing PMI data for April, US GDP data, and, most crucially, US nonfarm payrolls and unemployment rates will impact the commodity market on the macro front.