Global Market Round Up on Commodities by HDFC Securities March, 24 2026

Gold and Silver Price

Gold and silver pared sharp losses after U.S. President Donald Trump announced a five-day pause in planned military strikes on Iranian energy infrastructure. Silver also rebounded strongly, recovering from losses of more than 10%. Global markets experienced significant volatility following the announcement. Earlier, precious metals had come under heavy pressure, with gold falling to its lowest level since January as rising oil prices and hawkish central bank signals fueled stagflation concerns. However, the potential for de-escalation helped ease pressure from elevated Treasury yields, allowing gold to recover from intraday lows. Although Tehran denied any meaningful progress in talks, the pause in strikes signaled an attempt by the U.S. to contain energy prices and stabilize market sentiment. Despite this, both gold and silver traded weaker during the Asian session on Tuesday, and we expect near-term volatility in precious metals to remain high.

Crude Oil and Natural Gas Price

Crude oil prices fell sharply, recording one of the largest intraday swings on record after President Donald Trump said his team had held discussions on ending the Iran conflict, though Tehran denied any such talks. Brent crude dropped as much as 14%, briefly falling to around $96 per barrel following the announcement. Energy markets have remained highly volatile since the conflict began at the end of February, particularly with disruptions in the Strait of Hormuz. The effective closure of this key route has impacted roughly one-fifth of global oil flows and a similar share of LNG supply, intensifying uncertainty across energy markets.

Natural gas prices fell nearly 6%, hitting a more than three-week low, as updated forecasts showed above-normal temperatures across the western two-thirds of the U.S. through April 1, reducing heating demand. Despite heightened geopolitical tensions, U.S. natural gas prices have remained relatively stable since the conflict began on February 28, supported by ample inventories and limited near-term exposure to global market disruptions

Copper and Base Metal Price

Copper rebounded from a three-month low in the evening session, supported by hopes of de escalation in the Middle East conflict, which improved the outlook for global manufacturing demand. Additional support came from data showing that Chinese copper inventories recorded their largest weekly decline of the year.