Global Market Round Up on Commodities by HDFC Securities March, 05 2026

Gold and Silver Price

Gold and silver traded higher on Thursday, extending the previous session’s gains as investors sought safe-haven assets amid escalating tensions in the Middle East and a pause in the recent rally of the U.S. dollar. The conflict has entered its sixth day, with U.S. and Israeli forces launching strikes across Iran while Tehran responded with missile attacks on several neighboring countries, including targets near key energy infrastructure. Reports indicate that U.S. forces have continued sustained military operations, while Israel carried out a “broad wave” of strikes on Wednesday targeting Iranian missile facilities and air-defense systems. Investors remain closely focused on the evolving geopolitical situation, which continues to bolster gold’s safe-haven appeal. If the military campaign persists or expands further across the region, safe-haven demand could keep gold supported above the $5,000 per ounce level and potentially pave the way for a retest of recent highs.

Crude Oil & Natural Gas Price

Crude oil prices remained volatile, driven by shifting geopolitical headlines. Prices initially fell after a report suggested Iran was willing to discuss terms with the U.S. to end the conflict, but rebounded after Tehran denied the claim. Oil later came under pressure following a bearish EIA report showing U.S. crude inventories rising 3.48 million barrels, above expectations. However, crude recovered in early Asian trading as concerns over prolonged Middle East tensions and potential disruptions to shipping through the Strait of Hormuz renewed supply fears and supported prices.

Natural gas futures fell more than 4% on Wednesday, ending a three-day rally after reports that Iran may be open to talks to end the Middle East conflict eased energy risk premiums. However, we believe natural gas prices remain supported in the short term as Qatar’s LNG supply disruptions and restricted shipping through the Strait of Hormuz continue to raise global supply concerns.

Copper and Base Metals Price

Copper rose on Wednesday, snapping a two-day decline and tracking a broader rebound across the metals complex as investors monitored developments in the Middle East. However, market attention remains focused on China’s annual National People’s Congress, where any major policy announcements could trigger further upside volatility in base metals.