Global Market Round Up on Commodities by HDFC Securities 

The precious metals rally continued on the last trading day of the week, with gold and silver reaching new record highs once again. Spot gold peaked at $4,549 per ounce, while spot silver hit a high of $79.34 during the late evening trading hours on Friday. The strong bullish momentum has attracted more momentum-driven traders, who have been active in the precious metals market since early December; this trend has been intensified by the sharp gain in the Chinese market and the low liquidity that is near the year-end and Christmas holiday season. We expect to see heightened volatility in the bullion market. Investors should stay cautious in the near term amid an increasingly euphoric price action in bullion without a healthy correction.  

Crude oil prices fell on Friday as investors reacted to new developments in the long-stalled Ukraine peace talks. These talks could potentially lead to an agreement that allows more Russian oil into global markets, all while dealing with a situation of oversupply. However, the geopolitical risks provided some support for prices and helped end the week with a modest gain.  

Natural gas prices rose in quiet holiday trading, recovering some of the earlier losses and closing the week on a positive note. Throughout December, natural gas prices have experienced significant fluctuations, influenced by changing weather forecasts.  

Copper reached a record high, contributing to significant annual gains as investors anticipated tighter global supplies in 2026 and considered the effects of a weaker US dollar. Precious metals, such as gold, silver, and platinum, also hit record highs in a vigorous end-of-year rally that has dominated global commodity markets, aligning with copper’s latest increase on Friday.  

This week, market participants will closely monitor several key events, including a significant meeting between the US, Ukrainian, and Russian presidents; the minutes from the Fed’s policy meeting; and manufacturing PMI data from China.  

Source – HSL Prime Research, Commodity Weekly, 29 Dec 2025 

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