HSL Prime Research Commodity Daily Report: 25 September 2026

Global Market Round Up

Gold traded around $4,270 an ounce on Friday and was on track to decline more than 2% for the week, while silver remained below $64 and was heading for a weekly loss of around 4%. Both precious metals came under pressure from a stronger U.S. dollar and surging Treasury yields as expectations increased that the Federal Reserve may need to raise interest rates further to contain inflation.

The 10-year and 30-year U.S. Treasury yields surged on Thursday to their highest levels since 2007 and 2004, respectively, while stronger-than-expected U.S. economic data and elevated oil prices fueled concerns over persistent inflation and the possibility of further Federal Reserve tightening. The rise in yields, along with a stronger dollar, weighed on non-yielding precious metals.

The dollar index subsequently held above 101 on Friday after four consecutive sessions of gains, trading near a two-month high and remaining on track for a second straight weekly advance.

Hawkish comments from Fed officials added to the pressure. New York Fed President John Williams said the central bank still has considerable work to do to bring inflation under control, while Philadelphia Fed President Anna Paulson indicated that some additional policy tightening could be warranted.

Meanwhile, U.S. weekly initial jobless claims unexpectedly fell by 1,000 to a two-month low of 197,000, highlighting continued resilience in the labor market. Investors now await U.S. consumer sentiment and durable goods data for further clues on economic strength and the Fed’s policy outlook.

Crude oil prices edged lower in Asian trading as markets assessed the latest developments surrounding efforts to reopen the Strait of Hormuz, a critical energy shipping route disrupted by the conflict in the Middle East. Oil prices had settled higher overnight after Houthi attacks on Saudi targets heightened concerns over a broader regional escalation. However, prices came under pressure this morning after reports suggested that Iran is considering a new proposal to reopen the Strait and potentially resume negotiations with the Market participants remain cautious, given the history of unsuccessful talks between Washington and Tehran, keeping geopolitical uncertainty and the status of the Strait of Hormuz at the center of the oil market’s focus.

Natural gas pulls back after Thursday’s sharp rally, which followed a force-majeure declaration by TC Energy’s Columbia Gas Transmission pipeline due to an unexpected mechanical issue.