Global Market Round Up on Commodities by HDFC Securities March, 17 2026

Gold and Silver Price

Gold was little changed after the US dollar slipped, as traders weighed efforts to contain an oil supply shock stemming from the war in the Middle East. The US-Israeli war with Iran has now entered its third week, heightening inflation risks and reducing expectations that the Federal Reserve will cut interest rates. Despite the recent pause, gold remains up about 16% this year, supported by geopolitical uncertainty and concerns over the Fed’s independence, which continue to bolster demand for safe-haven assets. Bullion was near $5,000 an ounce in early trading, having lost 0.3% in the previous session.

Crude Oil & Natural Gas Price

Oil rose after posting its first decline in nearly a week, as Iran intensified attacks on energy infrastructure around the Persian Gulf. The strikes further clouded the outlook for global energy supplies as the war entered its third week, with a near-complete halt in shipping through the Strait of Hormuz beginning to affect consumers. The biggest risk for the market is that disruptions in the Strait of Hormuz persist for an extended period, with investors increasingly concerned that the US and its allies may have limited ability to change the situation.

Copper and Base Metal Price

All base metals declined except copper, even as the US dollar and crude oil prices weakened. Aluminum rebounded after a two-day slide amid uncertainty over the duration of the Iran war and the risk of output cuts at major plants across the Middle East. The near-total closure of the Strait of Hormuz has disrupted supply chains, preventing smelters from shipping finished metal and importing raw materials, with several firms already scaling back production. According to Chinese researcher Mysteel, producers in the region could cut as much as another 500,000 tons of annualized output if the strait remains blocked for another one to two weeks.

Asian equities rose after upbeat guidance from Nvidia Corp. on artificial intelligence boosted sentiment, while investors kept a close watch on shipping activity through the vital Strait of Hormuz. At the same time, markets remained focused on how policymakers—from the Federal Reserve to the European Central Bank—will respond to rising inflation risks, as oil prices climb amid the ongoing war involving Iran