Global Market Round Up on Commodities by HDFC Securities March, 30 2026

Gold and Silver Price

Gold and silver recovered later in the week after coming under heavy pressure earlier, when both metals fell to fresh swing lows. As the week progressed, prices rebounded from steep losses, supported by the emergence of bargain buying following one of the sharpest selloffs in recent years. Gains were further supported on Friday after President Donald Trump extended by 10 days the pause on potential strikes against Iran’s energy infrastructure, easing immediate geopolitical concerns and weighing on oil prices, which in turn supported precious metals. In the domestic market, the recovery was amplified by the depreciation of the Indian rupee to a record low of 94.8488 against the U.S. dollar.

Crude Oil and Natural Gas Price

Crude oil prices rallied amid growing concerns over a prolonged conflict with Iran, raising fears of tighter global supply. Additional support came from expectations of reduced Russian crude exports due to the ongoing war in Ukraine. As the week progressed, prices extended gains into Friday, with traders reluctant to hold short positions ahead of the weekend amid the risk of unexpected geopolitical developments. Sentiment was further supported by concerns that the Iran conflict could escalate across the Middle East, highlighted by Saudi Arabia granting the U.S. military access to King Fahd Air Base and the UAE taking measures against Iranian-linked entities. Meanwhile, the Strait of Hormuz—through which roughly one-fifth of global oil supply passes—remains largely disrupted, intensifying supply concerns. Goldman Sachs has warned that crude prices could surpass the 2008 peak of nearly $150 per barrel if disruptions in the Strait persist.

Natural gas prices recovered in the final two sessions of the week, supported by a bullish storage report and weather outlook. U.S. inventories declined more than expected, while forecasts, although slightly cooler, still indicate above-average temperatures across most of the country through the end of March, which could sustain heating demand.

Copper and Base Metal Price

Copper prices registered their first weekly gain since the onset of the Middle East conflict, supported by improved sentiment and renewed demand from Chinese buyers.