HSL Prime Research Commodity Daily Report:18 August 2026

GLOBAL MARKET ROUND UP

Gold eased below $4,400 an ounce on Tuesday, reversing earlier gains as investors booked profits following the recent rally, while a broader pullback across the metals complex added to downward pressure. Rising crude oil prices also weighed on sentiment by reviving concerns over inflation and the potential for tighter monetary policy.

Geopolitical developments added to the cautious tone after President Donald Trump said he was not interested in extending the interim peace agreement with Iran, reducing hopes for a broader deal and keeping uncertainty around the Strait of Hormuz elevated.

Despite the pullback, gold remained supported by reduced expectations of a Federal Reserve rate hike following a series of weaker U.S. economic indicators. Stronger investment demand and continued central-bank purchases, particularly from China, also provided an underlying floor to prices.

Crude prices climbed toward $85 per barrel on Tuesday, extending gains for a third consecutive session as hopes for a broader U.S.-Iran agreement weakened. President Donald Trump said he was not interested in extending the interim peace deal, which officially expired on Monday after giving both sides 60 days to negotiate a longer-term arrangement.

The uncertainty has kept geopolitical risk elevated, while talks between Iran and Oman on managing commercial shipping through the Strait of Hormuz continue without direct U.S. involvement. Any further deterioration in diplomatic efforts or disruption to shipping through the strategic waterway could provide additional support to crude oil prices.

Natural gas futures fell to a more than one-week low on Monday, pressured by record-high production and forecasts for milder weather ahead. The softer weather outlook is expected to reduce cooling demand, adding further pressure to prices as the market continues to face ample supply conditions.

Copper prices retreated from Monday’s six-month high on Tuesday as investors digested weaker-than-expected economic data from China, raising concerns over the outlook for industrial demand. The expiry of the U.S.-Iran truce without a longer-term agreement also added to market uncertainty. With China being the world’s largest copper consumer, softer economic activity has raised concerns over demand and prompted some profit-taking after the recent rally.