Global Market Round Up on Commodities by HDFC Securities

Gold prices rose to another record high on Friday, driven by a weak US dollar, expectations of dovish monetary policy from the US Federal Reserve, and ongoing geopolitical tensions that continue to act as tailwinds for precious metals. The US dollar traded at nearly the 97.5 level on Friday, reaching its lowest point since early October on Wednesday.

Silver traded up nearly 4.0% during the Asian trading hours on Friday, buoyed by strong industrial and investment demand, tightening inventories, geopolitical tensions, and expectations of further cuts to U.S. interest rates. Additionally, thin liquidity and year-end factors are contributing to significant market movements.
Crude oil prices were relatively stable on Friday amid rising geopolitical tensions and an anticipated global supply surplus. The thin trading volume during the Christmas holiday weekend also contributed to steady price movement. Meanwhile, the market continued to assess the dual influences of escalating geopolitical conflicts and the expected oversupply of oil.

Natural gas prices fluctuated between gains and losses due to a change in the weather outlook. On Wednesday, prices closed lower, reversing earlier gains, as early January forecasts indicated warmer conditions on the East Coast. Copper has maintained its strong rally this December, driving prices for the industrial metal to record highs exceeding $12,000 a ton due to concerns about a tighter global market in 2026. This year has seen significant mine outages and the potential threat of US import tariffs, which have led traders to boost metal imports in anticipation of possible levies. Consequently, copper has surged nearly 40% this year, setting the stage for its largest annual increase since 2009.

Source: HSL Prime Research, Commodity Daily, 26th Dec 2025

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