HSL Prime Research Commodity Daily Report: 11 June 2026

Global Market Round Up

Gold prices extended their decline on Thursday as escalating geopolitical tensions and a deteriorating interest rate outlook continued to weigh on investor sentiment.

Fresh pressure emerged after U.S. President Donald Trump warned of further military action against Iran, reviving concerns that prolonged disruptions to energy supplies could keep inflation elevated and force central banks to maintain a restrictive policy stance for longer.

Adding to the bearish mood, U.S. inflation data released on Wednesday showed consumer prices in May rose at the fastest annual pace in more than three years, largely driven by higher energy costs.

Although the data broadly matched market expectations, it reinforced concerns that inflation remains persistent and could delay any shift toward monetary easing.

From a technical perspective, the outlook has weakened considerably after spot gold broke below several key support levels. With the market increasingly pricing in the possibility of further policy tightening, near-term risks remain skewed to the downside, leaving precious metals vulnerable to additional selling pressure.

Crude oil prices rose, with WTI trading above $93 per barrel on Thursday, extending gains from the previous session as renewed U.S. strikes against Iran heightened concerns that peace efforts could unravel and prolong disruptions across global energy markets.

Additional support came from U.S. inventory data, which showed crude stockpiles fell by 7.2 million barrels last week, marking a seventh consecutive weekly decline and signaling tightening supply conditions.

Natural gas futures settled higher on Thursday, snapping a three-session losing streak as updated weather forecasts pointed to warmer temperatures across parts of the United States later this month, supporting expectations for stronger cooling demand.

Market attention now turns to today’s weekly storage report from the EIA, with market participants expecting a 100 Bcf injection into storage, slightly above the seasonal average.

The report is expected to provide fresh insight into supply-demand conditions and could influence the near-term direction of natural gas prices.

Copper and other base metals remained under pressure as renewed tensions in the Middle East dampened risk appetite and raised concerns over the global growth outlook.

Market Performance Snapshot