HSL Prime Research Commodity Daily Report: 22 September 2026

Global Market Round Up

Gold traded near $4,350 an ounce on Tuesday, recovering from the previous session’s losses as a decline in oil prices eased inflation concerns and reduced expectations of further monetary tightening. Oil prices fell for a fourth consecutive session amid increased diplomatic efforts to resolve the Middle East conflict and signs that energy flows from the region remain intact.

Gold’s longer-term fundamentals also remain supportive, underpinned by sustained central-bank purchases, elevated geopolitical uncertainty and concerns over fiscal sustainability and currency debasement. However, gains remained capped by a firm U.S. dollar and hawkish signals from Federal Reserve officials.

The dollar index held around 100.3 on Tuesday, near its highest level since late July, as recent comments from Fed officials reinforced expectations that interest rates may need to remain higher for longer. Chicago Fed President Austan Goolsbee said that the central bank could not overlook persistent supply shocks, while St. Louis Fed President Alberto Musalem indicated that further rate increases may be required to bring inflation back to target. Market now awaits comments from Fed official John Williams and Tom Barkin later today for further clues on the policy outlook.

Crude oil prices stabilized on Tuesday, with WTI futures holding above $93 a barrel after four consecutive sessions of losses. Prices remained under pressure as concerns over Middle East supply disruptions eased amid growing diplomatic efforts to end the U.S.-Iran conflict. Market attention is now focused on President Donald Trump’s address to the U.N. General Assembly in New York, with a possible meeting with Iranian President Masoud Pezeshkian on the sidelines. Trump is also expected to hold discussions with Gulf nations and Chinese President Xi Jinping this week, keeping diplomatic developments at the center of the market’s focus. Meanwhile, Saudi Arabia has continued to move crude through the Strait of Hormuz, with flows averaging around 2.9 million barrels per day over the past six days. The continued movement of oil through the key shipping route has further eased concerns over near-term supply disruptions.

Copper prices edged higher in early Asian trading as sentiment improved ahead of the upcoming China-U.S. leaders’ meeting. Falling Chinese inventories and tight spot availability also supported prices.