Global Market Round Up on Commodities by HDFC Securities March, 13 2026

Gold and Silver Price

Gold rose on Friday but remained on course for a second straight weekly decline, as tensions in the Middle East kept oil hovering near $100 a barrel. Bullion climbed above $5,100 an ounce, recovering some losses after a two-day drop. The rebound came as the US dollar steadied and crude prices fluctuated following their highest close since August 2022. Meanwhile, the White House authorized buyers to take delivery of Russian oil cargoes already at sea, a move aimed at easing pressure on global prices. Despite Friday’s gains, gold was still set to fall about 1% for the week. If confirmed, it would mark the first time since November that the metal has posted declines for two consecutive weeks. Upward momentum has slowed since the US-Israeli war with Iran began nearly two weeks ago, with no clear resolution in sight.

Traders now see virtually no chance of a rate cut at next week’s Federal Reserve meeting and only about a 70% probability of a reduction later this year. Higher borrowing costs are typically a headwind for precious metals, which do not offer interest.

Crude Oil & Natural Gas Price

President Donald Trump and Iran’s new supreme leader, Mojtaba Khamenei, struck defiant tones on the 13th day of the war, offering little relief to energy markets. The blockage of the Strait of Hormuz has disrupted millions of barrels per day of supply, delivering what analysts describe as the largest hit to global production on record. Oil prices surged more than 9% on Thursday as a result. The US also announced a second authorization allowing buyers to take delivery of Russian oil cargoes already at sea in assn effort to ease prices. Officials described the step as a “narrowly tailored, short-term measure” that would not provide any significant financial benefit to the Russian government.

Asian stocks pared early losses and S&P 500 futures advanced after the US issued a second temporary waiver allowing purchases of Russian oil, a move aimed at curbing surging prices and easing inflation concerns. A gauge of Asian equities was down 0.6% after falling as much as 1% earlier in the session. Meanwhile, S&P 500 futures rose 0.3%, pointing to some relief for US markets after the benchmark index dropped 1.5% to its lowest level since November.