Global Market Round Up on Commodities by HDFC Securities March, 12 2026

Gold and Silver Price

Gold and silver edged lower on Wednesday after the February consumer price data failed to ease concerns that the ongoing conflict involving Iran could intensify price pressures. The data, combined with rising energy costs, pushed U.S. Treasury yields higher and strengthened the U.S. dollar, creating headwinds for precious metals. Investor sentiment has also shifted as markets scale back expectations for Federal Reserve easing, with forecasts now pointing to only one rate cut later this year. The latest CPI report does not yet reflect the sharp increase in fuel costs since the Middle East conflict escalated nearly two weeks ago. As a result, markets are increasingly concerned that persistent price pressures could force major central banks to remain cautious on monetary easing, which has added pressure on gold and silver in the near term.

Crude Oil & Natural Gas Price

Crude oil climbed in another volatile session as escalating rhetoric from global leaders over the Iran conflict outweighed the impact of an emergency crude reserve release by major economies. Iran has reportedly told regional intermediaries that any ceasefire would require U.S. guarantees that neither it nor Israel would strike the country again—terms that Washington is unlikely to accept, further dimming hopes for a near-term resolution. Prices extended gains during Thursday’s Asian session as Oman cleared ships from a key oil export terminal and reports emerged that two tankers were attacked in Iraqi waters, highlighting the widening risks to energy flows across the Middle East. In the near term, crude oil is likely to remain highly volatile, with price direction largely driven by geopolitical developments related to the Iran conflict.

Natural gas extended its gains from the previous session as markets continued to focus on the escalating conflict in the Middle East. The war has disrupted global energy flows, with the world’s largest LNG export terminal at Ras Laffan in Qatar experiencing its longest outage since at least 2008, while the crucial Strait of Hormuz remains closed.

Copper and Base Metals Price

Aluminum rose for a third consecutive day as the ongoing conflict in the Middle East raised concerns about deeper supply disruptions from regional producers. Prices settled at their highest level since April 2022 on Wednesday after the war forced output cuts at smelters in a region that accounts for roughly 9% of global production.