Global Market Round Up on Commodities by HDFC Securities March, 10 2026

Gold and Silver Price

Gold extended last week’s decline as a sharp rise in crude oil prices revived concerns that inflationary pressures could intensify again. Higher energy costs tend to feed into broader inflation expectations, which may delay the pace of interest-rate cuts by the U.S. Federal Reserve. This environment supported the U.S. dollar and Treasury yields, creating headwinds for precious metals.

Another factor weighing on gold has been softer investment demand. Investors continued to reduce exposure through exchange-traded funds, with steady outflows recorded throughout the week. The decline in ETF holdings suggests that some funds are reassessing their positioning amid shifting expectations for U.S. monetary policy and the evolving macroeconomic outlook. In the short to medium term, gold and silver are likely to remain range-bound, consolidating within a broader band as markets balance inflation concerns, policy expectations, and geopolitical risks.

Crude Oil & Natural Gas Price

Crude oil prices pared early gains and slipped back below $100 per barrel on Monday after initially surging nearly 29% to around $120, the highest level since 2022. The spike came as disruptions in the Strait of Hormuz forced several major Middle Eastern producers—including Saudi Arabia, the UAE, Kuwait, and Iraq—to curb output as restricted tanker traffic caused storage facilities to fill rapidly. However, prices later eased after G7 finance ministers stated that the group stands ready to release crude from strategic reserves if necessary. U.S. President Donald Trump also signaled plans to waive certain oil-related sanctions and deploy the U.S. Navy to escort tankers through the Strait of Hormuz, aiming to stabilize supply flows and prevent a further surge in oil prices.

Natural gas fell nearly 2% on Monday after opening with a gap up. The expectations of a potential de-escalation in the Middle East reduced the geopolitical risk premium across energy markets and weighed down on prices. The decline was further driven by forecasts of unseasonably warm weather and record domestic production, both of which weighed on demand expectations and pressured prices.

Copper and Base Metals Price

Copper rebounded on Monday as the dollar retreated from recent high and opportunistic dip buying from Chinese fabricators offset the initial geopolitical shock.