Global Market Round Up Around Commodities by HDFC Securities

Gold pared gains on Thursday as the strength of the US dollar and a decrease in safe-haven demand weighed down gold prices. The US dollar reached a six-week high and increased by 0.27%. Better-than-expected US economic data contributed to the dollar’s rise. Weekly jobless claims unexpectedly fell to a six-week low, and the January Empire State and January Philadelphia Fed business outlook surveys exceeded expectations.

Additionally, there was a decrease in safe-haven demand after U.S. President Donald Trump stated he had been informed that the killings in Iran’s crackdown on protests were easing and that he believed there was no current plan for large-scale executions, adopting a wait-and-see approach after previously threatening intervention.

Silver has also pulled back from a record high as investors took profits following a strong rally, and the US refrained from imposing import tariffs on critical minerals. Both metals were trading lower during the Asian trading hours on Friday, and this correction is likely to persist in today’s session.

Crude oil prices fell sharply as geopolitical tensions in Iran eased. President Trump indicated that he might refrain from attacking Iran for now, especially after the country promised not to execute protesters. With these tensions diminishing, much of the geopolitical risk premium that had fueled the recent price surge quickly dissipated. Additionally, crude prices faced downward pressure from Wednesday’s weekly EIA inventory report, which revealed a significant increase in crude and gasoline supplies. We believe that the short-term direction of crude oil will depend on developments in geopolitical news.

Natural gas reached a new swing low on Thursday after storage data revealed a significantly smaller withdrawal than anticipated, indicating looser supply-demand conditions.

Copper prices fell on Thursday as markets assessed a record rally, which may impact physical demand for this essential industrial material.

Source – HDFC Commodity Daily, 16 Jan 2026

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