HSL Prime Research Commodity Daily Report 30 June 2026

Global Market Round Up

Gold prices extended their decline on Tuesday, with spot gold slipping below the $4,000 mark to its lowest level in nearly eight months. The metal is on track for a fourth consecutive monthly decline, having fallen more than 12% this month and around 15% for the quarter, as investors continued to price in a more aggressive Federal Reserve policy outlook.

Silver also remained under heavy pressure, falling toward $57 per ounce, its lowest level in seven months. The metal has declined more than 23% this month and is set for a similarly steep quarterly loss as higher interest-rate expectations and a stronger U.S. dollar continued to dampen investor demand.

Despite lingering geopolitical tensions in the Middle East, markets remain focused on U.S. monetary policy. Investors are increasingly expecting the Federal Reserve to deliver aggressive interest-rate hikes this year, with the first move potentially as early as September. The prospect of higher borrowing costs has continued to support the U.S. dollar and Treasury yields, creating a challenging backdrop for non-yielding assets such as gold and silver.

The U.S. dollar remained firm on Tuesday, with the Dollar Index climbing to around 101.2 and heading for a second consecutive monthly gain.

Crude oil prices eased toward $70 per barrel on Tuesday, giving back part of the previous session’s gains as investors shifted their focus to the resumption of U.S.–Iran peace talks in Doha. While negotiations continued, mixed signals from both sides kept traders cautious and limited market conviction.

Uncertainty also remained over the future administration of the Strait of Hormuz. Iranian officials reiterated that Tehran intends to oversee shipping through the strategic waterway, even if Oman chooses not to participate. With the geopolitical outlook still evolving, crude oil is likely to remain sensitive to headlines from the ongoing negotiations and any developments affecting energy flows through the Strait of Hormuz.

Copper traded in a narrow range, with stronger Chinese demand indicators helping offset pressure from a stronger dollar and tighter U.S. monetary policy. China’s June PMI data indicated stable manufacturing activity and a modest improvement in the services sector, providing some support for industrial metals.

Commodities

Currencies

Global Equity Indices