HSL Prime Research Commodity Daily Report: 17 June 2026

Gold prices traded near the $4,350 level on Wednesday after posting modest gains in the previous session, as investors adopted a cautious stance ahead of key U.S. macroeconomic events. Market participants remained focused on the Federal Reserve’s policy meeting later in the day, which is expected to provide fresh guidance on the interest-rate outlook under new Chairman Kevin Warsh.

Meanwhile, sentiment remained supported by progress toward a U.S.-Iran interim peace agreement. The proposed deal, which is expected to be signed in the coming days, could help ease concerns over energy supply disruptions and reduce inflationary pressures that have weighed on global markets in recent months.

The U.S. dollar hovered near the 99.5 level after a volatile start to the week, with traders largely refraining from taking aggressive positions ahead of the Fed decision. While policymakers are widely expected to leave interest rates unchanged, investors will closely scrutinize Warsh’s comments for clues on how the central bank views inflation risks and the future path of monetary policy.

Crude oil prices remained near three-month lows on Wednesday as optimism surrounding a U.S.-Iran agreement continued to weigh on the market. Brent crude traded above $79 per barrel, while WTI hovered near $75, after a sharp four-day decline driven by expectations that the reopening of the Strait of Hormuz could significantly improve global oil supplies.

The proposed interim agreement, which is expected to be signed on Friday, would allow Iran to resume oil exports, easing concerns over supply disruptions that have supported prices in recent months. As a result, traders continue to unwind the geopolitical risk premium embedded in crude oil.

In the near term, oil prices are likely to consolidate at the lower end of their recent range as markets await fresh fundamental cues. Attention now turns to the IEA Monthly Oil Market Report and the latest U.S. government inventory data, both of which could provide important insight into global demand trends, supply balances, and inventory levels, potentially setting the tone for the next move in crude prices.

Aluminium prices edged higher, recovering from a two-month low as bargain buying emerged after recent losses. While record-high Chinese production continued to weigh on the market, expectations of tighter supply conditions in the longer term helped support prices and limited downside pressure.

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