Global Market Round Up for Commodities by HDFC Securities 

Precious metals climbed to fresh record highs on Monday, supported by heightened safe haven demand amid escalating geopolitical tensions and renewed concerns over U.S. institutional stability. Investor sentiment was rattled by an intensifying feud between U.S. President Donald Trump and Federal Reserve Chair Jerome Powell after the U.S. Attorney’s Office in the District of Columbia reportedly opened a criminal investigation into Powell— reviving broader worries about the Federal Reserve’s independence.  

At the same time, rising unrest in Iran further bolstered demand for safe haven assets, with protests fueling geopolitical risk premiums across markets. Adding to the uncertainty, President Trump is scheduled to be briefed on Tuesday regarding potential response options to developments in Iran, keeping investors on edge and reinforcing the appeal of gold and silver as preferred safe-haven assets. We expect the bull market to stay intact in the near term, amid heightened geopolitical risks, ongoing physical market shortages, and renewed uncertainty about Fed independence.  

Crude oil has surged to its highest level since early December, driven by unrest in Iran that raises concerns about potential supply disruptions from OPEC’s fourth-largest producer. Some Western media outlets report that President Donald Trump may be considering military action against the country. Any fresh political or military unrest in Iran could jeopardize the nation’s oil production, which stands at approximately 3.3 million barrels per day. The rise in crude prices is likely to continue following President Trump’s threat to impose a 25% tariff on goods from countries that engage in trade with Iran. Natural gas futures experienced significant gains on Monday, following weekend forecasts that predicted colder weather. This change in outlook suggests an increase in heating demand.  

Copper and other base metals gained on Monday, supported by a weaker dollar and ongoing supply concerns.  

Source – HSL, Prime Research, Commodity Daily, 13th Jan 2026 

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