HSL Prime Research Commodity Daily Report 15 July 2026

Global Market Round Up

Gold prices held steady around $4,050 per ounce on Wednesday, extending gains from the previous session after softer-than-expected U.S. inflation data eased concerns over near-term Federal Reserve rate hikes. Annual U.S. inflation slowed to 3.5% in June from 4.2% in May, below market expectations of 3.8%, while consumer prices fell 0.4% month-on-month—the first monthly decline since 2020, largely due to lower energy costs.

Despite the softer inflation print, the upside in gold may remain limited as markets continue to monitor renewed geopolitical tensions between the U.S. and Iran, which have pushed crude oil prices higher. Rising energy prices could revive inflationary pressures and reinforce expectations that the Federal Reserve will keep interest rates elevated for longer.

Meanwhile, Federal Reserve Chair Kevin Warsh reiterated the central bank’s commitment to restoring price stability during his congressional testimony but stopped short of signalling a more aggressive policy stance. Markets continue to price in roughly a 50% probability of a September rate hike, with geopolitical tensions and higher oil prices keeping inflation risks in focus.

From a technical perspective, gold’s broader trend remains “sell on rallies” as long as prices stay below the $4,150 resistance zone. A sustained move above this level would be required to improve the near-term technical outlook, while immediate support is seen around the $4,000 mark.

Crude oil extended its rally on Wednesday, with WTI crude climbing toward $80 per barrel for a third straight session as renewed tensions between the U.S. and Iran intensified concerns over global oil supplies. Market sentiment remained supported after President Donald Trump warned of additional military strikes on Iran following the reinstatement of restrictions on vessels transiting the Strait of Hormuz. The renewed escalation restored a fresh geopolitical risk premium to crude prices, reversing earlier expectations of improving supply conditions.

Natural gas futures continued to consolidate near the lower end of their recent trading range, hovering close to a two-month low as rising U.S. production and expectations of softer demand weighed on prices. Scheduled maintenance at the Freeport LNG export facility in Texas also continued to limit export demand, keeping sentiment subdued.

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