HSL Prime Research Commodity Daily Report: 12 June 2026

Global Market Round Up

Gold staged its strongest rally in more than two months on Thursday after U.S. President Donald Trump announced that planned military strikes against Iran had been canceled, raising hopes that a diplomatic solution to the conflict could still be reached.

Spot gold surged as much as 3.6% during the session before settling 3.4% higher at $4,212.26 an ounce.

Investor sentiment improved after Trump said Iran’s Supreme Leader had agreed to a peace framework, describing it as a “very strong memorandum of understanding,” although he acknowledged that a final agreement has yet to be completed.

The prospect of easing geopolitical tensions weighed on the U.S. dollar and Treasury yields, providing additional support to precious metals.

The sharp rebound suggests that gold may have established a short-term bottom following its recent selloff. As long as Thursday’s low remains intact, the recovery could extend further in the near term.

However, market direction is likely to remain highly sensitive to developments surrounding U.S.-Iran negotiations. Any setback in diplomatic efforts could reignite concerns over energy supply disruptions, push oil prices higher, and renew pressure on gold and silver through rising inflation expectations and higher interest rate concerns.

Crude oil prices fell to a two-month low on Friday after U.S. President Donald Trump announced that planned military strikes against Iran had been canceled, easing fears of a broader escalation in Middle East tensions.

The development prompted traders to unwind part of the geopolitical risk premium that had recently supported oil prices.

Despite the sharp pullback, market volatility is expected to remain elevated. While Trump’s comments improved sentiment, investors are still awaiting formal confirmation from Iran and greater clarity on the proposed peace framework.

Until a final agreement is reached and both sides commit to its terms, crude oil prices are likely to remain highly sensitive to geopolitical headlines and developments surrounding U.S.-Iran negotiations.

Copper prices rebounded from their lowest close since mid-May as improving sentiment toward the Middle East conflict encouraged buying at lower levels.

The improvement in risk appetite prompted traders to rebalance positions, supporting a modest recovery across the base metals complex.

Market Performance Snapshot