HSL Prime Research Commodity Daily Report 24 June 2026

Global Market Round Up

Precious metals continued to decline on Wednesday, with spot gold dropping to a two-week low and spot silver trading near $61 an ounce, close to six-month lows. The stronger U.S. dollar and expectations of rising interest rates are exerting ongoing pressure on precious metals. The Dollar Index reached a new one-year high, bolstered by increasing speculation that the Federal Reserve may maintain a restrictive policy for an extended period.

Investors remained cautious due to ongoing inflation concerns and mixed signals regarding U.S.-Iran peace negotiations. Sentiment was further affected by remarks from Chicago Fed President Austan Goolsbee, who highlighted that inflation risks are still a concern. His comments, along with last week’s hawkish stance from Federal Reserve Chairman Kevin Warsh, strengthened expectations for further policy tightening if inflation does not moderate.

Consequently, recent recoveries in gold prices have been short-lived, with prices swiftly returning to a downward trend. The combination of a stronger U.S. dollar, rising expectations for interest rate hikes, and ongoing worries about inflation has continued to keep precious metals under sustained pressure.

Crude oil prices remained under pressure in early Asian trading as further signs of easing supply disruptions in the Middle East reduced concerns over global energy availability. Tanker traffic through the Strait of Hormuz continued to normalize, while Iran and Oman announced plans to discuss the future administration of navigation through the strategic waterway, underscoring efforts to keep shipping routes open and secure.

Additional pressure came from improving regional export flows. According to the IEA, UAE oil exports have recovered to nearly 85% of pre-conflict levels, reinforcing expectations that supply conditions will continue to improve in the coming weeks. Meanwhile, industry data showed U.S. crude inventories fell by approximately 800,000 barrels last week, providing some support to the market. Traders are now awaiting official government inventory figures later in the day for further direction.

Natural gas prices traded firmer after falling more than 3% in the previous session, as concerns over abundant inventories and milder weather weighed on sentiment. Forecasts calling for below-average temperatures across the Mid-Atlantic region between June 23 and 27 are expected to reduce air-conditioning demand, limiting natural gas consumption by power generators.

Commodities

Currencies

Global Equity Indices