Global Market Round Up on Commodities 

Gold and silver hovered near record highs as softer-than-expected US inflation strengthened expectations for further interest-rate cuts, boosting demand for precious metals. Spot gold traded near $4,320 an ounce, heading for a second weekly gain, while platinum was close to a 17-year high. Although inflation data supported the case for lower borrowing costs, uncertainty remains after a recent government shutdown and mixed signals from the Federal Reserve. Geopolitical tensions, particularly escalating pressure on Venezuela, also supported gold’s safe haven appeal.  

Oil prices moved toward a second straight weekly decline as worries about a growing supply glut outweighed possible disruptions. Brent crude fell below $60 a barrel, down more than 2% for the week, while WTI traded near $56. Major traders expect oversupply into early next year, with Trafigura predicting Brent will remain in the $50s through mid-2026. Prices are down about 20% this year due to faster-than-expected OPEC+ output increases, rising production elsewhere, and weak demand, though geopolitical risks around Russia and Venezuela have limited losses. Thin holiday trading has added to volatility, even as the UK imposed new sanctions on smaller Russian producers.  

Copper prices were mixed in London as investors assessed the interest-rate outlook following softer-than-expected US inflation data. Futures held above $11,700 a ton after rising more than 1%, as easing inflation pressures reduced concerns that high rates would persist. While recent data and the Federal Reserve’s third straight rate cut supported industrial metals, uncertainty remains over the pace of monetary easing, with traders now expecting at least two rate cuts in 2026.  

Asian stocks advanced as softer US inflation data strengthened expectations for Federal Reserve rate cuts and eased technology-sector jitters, supporting global risk sentiment. In Japan, the Bank of Japan raised interest rates as expected to their highest level since 1995, prompting the yen to trim losses against the dollar. 

Source – HSL Prime Research, Commodity Daily – 19th Dec 2025 

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