Global Market Round Up on Commodities by HDFC Securities March, 25 2026

Gold and Silver Price

Gold rose above $4,500 on Wednesday, marking a second consecutive session of gains as geopolitical sentiment improved, leading to a decline in oil prices. Optimism grew following reports that the United States is actively engaging in diplomatic talks with Iran to de-escalate the ongoing conflict in the Middle East. The New York Times reported that Washington has presented a 15-point proposal aimed at resolving these tensions, while Israeli media suggested that the U.S. is advocating for a one-month ceasefire to facilitate negotiations. The direction of oil prices will continue to be a crucial factor in the near term. If crude oil prices start to decline, inflationary pressures could ease, potentially allowing for monetary policy adjustments or interest rate cuts. This scenario would, in turn, offer support for gold and silver.

A weaker U.S. dollar and declining Treasury yields also supported prices. Given the overall backdrop, precious metals are likely to remain firm, with the recovery trend expected to continue in today’s session.

Crude Oil and Natural Gas Price

Crude oil traded lower after reports that the U.S. is seeking a one-month ceasefire and intensifying diplomatic efforts to end the war with Iran. This shift in sentiment outweighed concerns over additional troop deployments and the Strait of Hormuz remaining largely disrupted. The decline comes after prices surged in the previous session, with traders turning cautious amid prospects of a negotiated resolution. Despite the pullback, oil is still on track for a strong monthly gain following a volatile trading period as the conflict enters its fourth week. At the center of the crisis, Iran has moved to tighten control over the Strait of Hormuz, restricting crude and gas flows from Persian Gulf producers and raising concerns over a potential global energy crunch.

Natural gas fell on Wednesday, reversing previous gains and hovering near a three-week low amid optimism that Persian Gulf energy exports could resume and warmer US weather forecast.

Copper and Base Metal Price

Copper and most base metals rose as optimism around Washington’s diplomatic push to end the Middle East conflict improved risk appetite, while a weaker U.S. dollar further supported prices.