Global Market Round Up on Commodities by HDFC Securities March, 19 2026

Gold and Silver Price

Gold regained some ground after falling nearly 4% on Wednesday, as buyers stepped in at lower prices, helping the metal remain steady despite rising oil costs and inflation concerns tied to the Middle East conflict. Bullion rose as much as 0.7%, reversing some losses sustained over six straight days of decline — the longest losing streak since late 2024.

The Federal Reserve left interest rates unchanged at its latest meeting and indicated only one possible cut this year. Chair Jerome Powell said any rate reduction would depend on clear progress in bringing down inflation. Even so, gold is still up about 12% so far this year. However, its upward momentum has slowed in recent weeks as expectations for a near-term rate cut have weakened, and some investors have sold holdings to cover margin calls in other parts of their portfolios.

Crude Oil & Natural Gas Price

Crude oil prices advanced in the wake of coordinated assaults on strategically critical energy infrastructure across the Middle East, intensifying apprehensions over a more profound disruption stemming from the nearly three-week-long conflict. Brent futures surged by as much as 5.1%, nearing the $113-per-barrel threshold, while the front-month West Texas Intermediate contract hovered around $96. Meanwhile, US natural gas prices spiked sharply, registering gains of up to 6.5%. Iran executed strikes on a major liquefied natural gas facility in Qatar, part of a broader retaliatory posture following attacks on its expansive South Pars gas field, and consistent with its prior warnings to target regional energy assets.

Copper and Base Metal Price

Copper declined to its lowest level since December as the intensifying conflict in the Middle East drove energy prices higher and heightened fears of harm to the global economy. The latest escalation led US President Donald Trump to urge restraint and call for a de escalation, though there is still no clear path toward resolving the war, even as oil prices continue to surge. Market participants in the metals sector are now balancing the risk of potential supply disruptions against the possibility of weakened global manufacturing demand if the conflict precipitates a wider economic downturn.