HSL Prime Research Commodity Daily Report 10 July 2026

Global Market Round Up

Gold prices steadied around the $4,000 mark on Wednesday but remained close to their lowest level in nearly eight months as resilient U.S. economic data reinforced expectations that the Federal Reserve will maintain a restrictive monetary policy. The latest JOLTS report showed job openings climbing to a two-year high, highlighting continued strength in the labor market ahead of this week’s closely watched U.S. nonfarm payrolls report.

The U.S. dollar also regained momentum, with the Dollar Index rising to around 101.3 after briefly easing earlier in the week. Markets continue to price in at least one Federal Reserve rate hike this year, with September seen as the most likely timing. A stronger dollar and higher interest-rate expectations continued to weigh on demand for non-yielding assets such as gold and silver.

Meanwhile, market attention remained focused on the ongoing U.S.–Iran peace talks in Qatar. Although hopes for a lasting ceasefire continue to support broader market sentiment, the absence of direct negotiations between the two sides has kept geopolitical uncertainty elevated, limiting any meaningful recovery in precious metals.

Crude oil prices traded with modest gains on Wednesday after posting their steepest quarterly decline since 2020, as investors monitored ongoing U.S.–Iran peace talks in Doha for further progress toward easing tensions in the Middle East. The recovery in tanker traffic through the Strait of Hormuz has also helped improve the global supply outlook following the recent ceasefire.

Adding to the bearish sentiment are growing concerns over a potential supply glut. Iran said it has exported more than 40 million barrels of crude since the U.S. lifted its naval blockade, while Russian exports have climbed to record levels, contributing to a build-up of oil held in floating storage. The prospect of rising global supplies continues to outweigh geopolitical risks, keeping pressure on crude oil prices.

Copper prices remained under pressure in early Asian trading as investors adopted a cautious stance ahead of the U.S. Commerce Department’s report on the domestic copper market. The findings are expected to provide greater clarity on the potential imposition of tariffs on refined copper imports, a move that could significantly reshape global trade flows and pricing.

Commodities

Currencies

Global Equity Indices