Global Market Round Up on Commodities by HDFC Securities Feb, 27 2026

Bullion retreated on Thursday, weighed down by a recovery in the U.S. dollar and hawkish commentary from several Federal Reserve officials. Recent remarks reinforced the view that the Fed is unlikely to rush into policy easing, as inflation risks remain and economic data continues to show resilience. This outlook supported the dollar and modestly pressured gold and silver. Caution among market participants also limited upside, as traders awaited developments from the renewed U.S.–Iran nuclear talks. However, sentiment shifted during the Asian session on Friday, with both gold and silver rebounding on renewed safe-haven demand after the latest round of negotiations ended without an agreement. Reports indicated that the two sides remain far apart on key issues. The U.S. further increased pressure by outlining tougher demands and deploying additional military assets—including jets and warships—to the region. The escalation revived geopolitical risk premiums, providing fresh support to bullion and lifting prices in early trading.

Crude oil rebounded from session lows on Thursday, reversing earlier losses of nearly 3%, after Iranian state media reported that Tehran would not allow enriched uranium to leave the country. The statement highlighted ongoing friction in the U.S.–Iran nuclear talks in Geneva, just days ahead of President Donald Trump’s deadline for a deal, reviving concerns that a diplomatic breakdown could threaten crude flows from the OPEC producer. Overall, oil prices remain caught between expectations of a potential global supply surplus and rising geopolitical risks in the Middle East.

Natural gas futures slid to a five-month low on Thursday, pressured by a smaller-than-expected storage withdrawal and forecasts for milder weather over the next two weeks. The U.S. EIA reported a 52 Bcf draw in inventories for the week ended February 20 significantly below the five-year average decline of 168 Bcf for the same period.

Copper and other base metals traded range-bound, supported by a gradual rebound in Chinese demand after the Lunar New Year holiday. However, ongoing tariff uncertainty continues to cloud the global demand outlook, limiting stronger upside momentum.

Source: HSL Report (HSL Prime Research Commodity Daily report 27-02-26)