Global Market Round Up on Commodities by HDFC Securities March, 20 2026

Gold and Silver Price

Gold is heading for its largest weekly loss in six years as conflict in the Middle East drives energy prices higher and dampens expectations for interest rate cuts. Bullion traded near $4,685 an ounce, down nearly 7% for the week—its steepest decline since March 2020. Rising crude oil, natural gas, and fuel prices triggered by the conflict are fueling inflation concerns, which in turn reduces the likelihood that central banks will lower borrowing costs. This dynamic weighs on gold, which does not yield interest.

The precious metal has declined every week since the US and Israel launched attacks on Iran last month. The downturn has coincided with rising US Treasury yields and a stronger dollar, while investors have sold gold to cover losses in other markets. In addition, gold-backed exchange-traded funds have seen sustained outflows, with global holdings now wiping out all gains accumulated since the beginning of the year.

Crude Oil & Natural Gas Price

Oil prices declined in early Asian trading as concerns eased over potential supply disruptions linked to the Middle East conflict. U.S. Treasury Secretary Scott Bessent said the United States could lift sanctions in the coming days on Iranian oil already at sea, a move aimed at easing upward pressure on prices. He noted that this could free up around 140 million barrels of oil, according to an interview with Fox Business. Bessent also indicated that the U.S. is considering additional releases from its Strategic Petroleum Reserve, with Japan potentially taking similar steps from its own stockpiles. Earlier this month, the U.S. had already announced the release of 172 million barrels from its emergency reserves.

Copper and Base Metal Price

Copper and aluminium edged higher after sharp declines on Thursday, as efforts by the United States and Israel helped ease concerns over the deepening conflict in the Middle East. Israeli Prime Minister Benjamin Netanyahu said that Israeli forces would no longer target energy infrastructure, while U.S. President Donald Trump stated that ground troops would not be deployed against Iran. These remarks helped calm market sentiment following a volatile session on Thursday, when a surge in oil prices, growing fears of a global economic slowdown, and broader risk aversion pushed industrial metals sharply lower.