Global Market Round Up on Commodities by HDFC Securities 

Gold prices marched to record levels above $5,100 on Monday, as investors sought a safe haven amid international political tension, and silver and platinum also scaled all-time highs. Gold prices continue to be supported by elevated geopolitical and economic uncertainty. Central banks remain strong buyers as they diversify foreign exchange reserves and reduce reliance on the U.S. dollar. Major banks have hiked their price forecast for gold in recent days as the precious metal continues its relentless rise, surging past the $5,000-an-ounce milestone for the first time.  

Comex silver futures jumped more than 10% to trade above $110 per troy ounce at the beginning of the week. The rally has been further amplified by a historic short squeeze, strong retail participation, and China’s tightening export controls, all of which have significantly constrained available supply and intensified upward price pressure. Investor inflows into physically backed exchange-traded funds have remained robust, with holdings increasing by approximately 20% year over year. In the latest trade flare-up, U.S. President Donald Trump announced on Saturday that he would impose a 100% tariff on Canada if it proceeds with a trade deal with China. He also threatened to increase tariffs on South Korean goods from 15% to 25%, citing delays by the South Korean legislature in approving a trade agreement.  

Crude oil prices hovered around $61 per barrel on Monday, paring earlier gains as traders weighed a complex mix of geopolitical, trade, and supply-related factors. On the bullish side, tensions in the Middle East remained in focus following the deployment of a U.S. aircraft carrier strike group, raising concerns about a potential escalation with Iran that could threaten energy flows from the region. On the bearish side, escalating trade-war risks have increased concerns over global demand uncertainty, limiting upside momentum in crude prices. Natural gas extended its weather-driven rally, gaining more than 90% since last week as extreme cold simultaneously disrupted supply and boosted demand. Freezing temperatures knocked offline nearly 10% of U.S. natural gas production, while sharply increasing heating and power demand, intensifying tightness in the market. 

Source – HDFC Prime Research, Commodity Weekly, 27 Jan 2026 

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