HSL Prime Research Commodity Daily Report: 23 June 2026

Global Market Round Up

Gold prices edged higher on Monday as easing geopolitical tensions and progress in U.S.–Iran negotiations improved market sentiment. Efforts to secure the reopening of the Strait of Hormuz helped reduce concerns over energy supply disruptions and the risk of a broader inflation shock, providing initial support to precious metals.

However, the recovery proved short-lived, with gold slipping in Asian trading on Tuesday as inflation concerns and expectations of tighter monetary policy returned to the forefront. Persistent price pressures linked to nearly four months of conflict in the Middle East have increased speculation that major central banks may need to keep interest rates elevated for longer, creating a challenging backdrop for non-yielding assets such as gold and silver.

The cautious tone was reinforced by comments from Federal Reserve Bank of Chicago President Austan Goolsbee, who expressed concern that inflation could remain stubbornly high. Investors also continued to digest last week’s hawkish signals from Federal Reserve Chairman Kevin Warsh, which strengthened expectations for further policy tightening if inflation fails to moderate.

Meanwhile, the U.S. dollar remained near its strongest level since May 2025, with the Dollar Index hovering around the 101 mark. The combination of a firmer dollar and rising expectations for higher interest rates continued to weigh on bullion, offsetting support from improving prospects for a lasting U.S.–Iran peace agreement.

Crude oil prices steadied above $73 per barrel on Tuesday after recent weakness, as investors evaluated early signs of progress in ongoing U.S.–Iran peace negotiations. Market sentiment improved after reports that Washington had granted Iran a temporary 60-day license to sell oil internationally, raising expectations that additional supplies could gradually return to the global market.

Supply concerns also eased as regional producers, including Kuwait and the United Arab Emirates, expanded alternative export routes, while Iran significantly increased crude shipments over the past week, helping to reduce fears of prolonged disruptions.

Despite the improving supply outlook, uncertainty surrounding Iran’s nuclear program continues to limit downside in oil prices. Conflicting statements from U.S. and Iranian officials regarding nuclear inspections highlight that key issues remain unresolved, leaving traders cautious as negotiations continue.

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