HSL Prime Research Commodity Daily Report 09 July 2026

Global Market Round UpPrecious metals remained under pressure on Thursday after posting a second straight session of losses, as renewed tensions in the Middle East reignited concerns over energy supplies and inflation. Spot gold slipped to its lowest level since July 2 after U.S. President Donald Trump declared the interim peace agreement with Iran “over,” raising fears of a broader regional conflict.

The geopolitical backdrop deteriorated further after the U.S. military confirmed a second consecutive day of strikes on Iranian targets aimed at limiting Tehran’s ability to threaten shipping through the Strait of Hormuz. Iran responded by threatening a large-scale retaliatory operation against U.S. military bases in the region, reviving concerns over potential disruptions to global energy supplies. The renewed escalation lifted crude oil prices by more than 5%, reinforcing inflation concerns and strengthening expectations that the Federal Reserve could keep interest rates elevated for longer. The shift in sentiment supported the U.S. dollar and crude oil while weighing on non-yielding assets such as gold and silver.

Meanwhile, minutes from the Federal Reserve’s June policy meeting showed that only a handful of policymakers supported an immediate rate hike, although officials acknowledged that inflation risks remain elevated. The minutes suggested the central bank continues to adopt a cautious approach while assessing the outlook for monetary policy.

Near-term risks remain tilted to the downside for precious metals, as further escalation in Middle East tensions and sustained strength in crude oil prices could keep inflation concerns elevated and limit the appeal of bullion. Investors are likely to remain cautious until there is greater clarity on both geopolitical developments and the Federal Reserve’s policy path.

Crude oil extended its rally on Thursday, with WTI crude climbing above $74 per barrel for a third straight session as escalating tensions between the U.S. and Iran renewed fears of supply disruptions across the Middle East. The return of geopolitical risk premiums has supported prices, with traders increasingly factoring in the possibility of interruptions to global crude supplies.

Natural gas futures remained close to recent lows, trading around $3.21 per MMBtu as expectations of another healthy storage build reinforced confidence in comfortable supply conditions. Market estimates suggested U.S. gas inventories increased by 61 Bcf in the week ended July 3, comfortably above the five-year average build of 51 Bcf for the same period.

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