HS: Prime Research Commodity Daily Report 28 July 2026

GLOBAL MARKET ROUND UP

Precious metals edged lower on Tuesday, retreating from the previous session’s gains as investors turned cautious ahead of the U.S. Federal Reserve’s policy decision. While the Fed is widely expected to leave interest rates unchanged on Wednesday, markets continue to price in a meaningful probability of a rate hike in the year ahead, keeping bullion under pressure.

Gold remained under pressure despite easing geopolitical tensions after President Donald Trump said the U.S. was engaged in “good talks” with Iran to end the Middle East conflict. The optimism weighed on crude oil prices, but it also dampened demand for safe-haven assets. However, Trump’s warning that the U.S. could resume military strikes if negotiations fail helped limit losses by keeping some geopolitical risk premium in the market.

Investors will now focus on the outcome of the Fed’s two-day policy meeting and Fed Chair Kevin Warsh’s remarks for fresh signals on the future path of U.S. interest rates, which could set the near-term direction for gold prices.

Crude oil prices extended their decline for a third consecutive session on Tuesday, with WTI falling to around $82 per barrel, as easing geopolitical tensions in the Middle East reduced concerns over potential supply disruptions. Market sentiment improved after President Donald Trump said the U.S. was engaged in “good talks” with Iran to end the regional conflict, raising expectations that normal oil flows from the Middle East could continue uninterrupted. Additional pressure came from improving global supply conditions after crude exports resumed through the Caspian Pipeline Consortium (CPC) terminal on Russia’s Black Sea coast. The terminal, a key export route for Kazakh crude, had recently experienced disruptions following Ukrainian drone attacks. The restoration of exports helped ease concerns over near-term supply tightness, further weighing on oil prices.

Natural gas futures extended their losses on Tuesday, falling to the lowest level in nearly 12 weeks, as robust domestic production, ample storage inventories, and subdued LNG feedgas demand continued to weigh on market sentiment.

Copper prices edged lower on Tuesday as investors booked profits following the previous session’s gains. The industrial metal had rallied after a pause in the U.S.-Iran conflict pushed crude oil prices lower, easing concerns over inflation and supporting expectations for global economic growth.