HSL Prime Research Commodity Daily Report: 02 September 2026

Global Market Round Up

Precious metals came under heavy selling pressure on Tuesday, with the decline extending into Wednesday as technical selling and renewed strength in the U.S. dollar and Treasury yields continued to weigh on prices. Global bond yields moved higher amid mounting inflation concerns and growing expectations of further interest-rate hikes. U.S. Treasury yields also reversed part of their earlier decline following Treasury Secretary Scott Bessent’s announcement of an expanded bond buyback program.

Rising oil prices added further pressure on precious metals by reviving inflation concerns, particularly after renewed tensions around the Strait of Hormuz pushed benchmark WTI crude to a six-week high. Combined with Federal Reserve Chair Kevin Warsh’s recent hawkish remarks, this has strengthened expectations for a tighter U.S. monetary policy outlook. Higher rate expectations have supported the U.S. dollar and Treasury yields, creating an unfavorable environment for non-yielding assets such as gold and silver.

The near-term bias remains weak, with Spot gold has immediate support seen at $4,275, followed by $4,219. On the upside, resistance is placed at $4,405 and $4,480. For MCX Gold October futures, the expected trading range for the day is ₹148900–₹152750.

Market attention now turns to today’s ADP employment report and Friday’s Non-Farm Payrolls data for further clues on the Fed’s policy path.

Crude oil climbed toward $91 per barrel on Wednesday, extending gains for a third consecutive session and reaching its highest level in nearly six weeks as escalating hostilities between the U.S. and Iran raised fresh concerns over disruptions to Middle Eastern energy supplies. The U.S. military launched new strikes against Iranian targets around the Strait of Hormuz, which President Donald Trump said were in response to Tehran’s alleged attempts to lay mines in the strategic waterway and an earlier attack on a U.S. military base. Trump also warned of a significantly stronger response if Iran retaliates further. Meanwhile, Iran said it had already responded by targeting U.S. bases in the region and firing missiles toward Jordan, keeping geopolitical risks and supply concerns elevated.

Natural gas remained influenced by conflicting factors; strong production and moderating weather forecasts are bearish, while prices continue to receive support from underlying energy-market strength.