HSL Prime Research Commodity Daily Report 10 July 2026

Global Market Round UpGold prices traded modestly higher on Friday after rallying more than 1% in the previous session, supported by a weaker U.S. dollar and bargain buying following the recent slide to a one-week low. Investor sentiment also improved after reports suggested that the U.S. and Iran would continue peace negotiations despite the recent escalation in hostilities. The U.S. Dollar Index extended its decline for a third straight session, slipping toward 100.5 and providing additional support to precious metals.

Despite the rebound, gold remained on track to end a volatile week with little overall change as investors continued to balance geopolitical developments against their implications for inflation and the Federal Reserve’s policy outlook. With no major U.S. economic data scheduled for release, market direction is expected to remain largely driven by headlines surrounding the Middle East conflict.

Crude oil prices held near $72 per barrel on Friday after falling about 2% in the previous session, as investors assessed signs that the U.S. and Iran would continue diplomatic negotiations despite recent military escalation. Expectations of renewed talks helped ease concerns over prolonged disruptions to energy shipments through the Strait of Hormuz.

Despite Thursday’s pullback, WTI crude remained on track for a weekly gain of more than 4%, supported by heightened geopolitical risks after U.S. forces carried out strikes on Iranian targets for a second consecutive day, prompting retaliatory attacks by Tehran on U.S. military bases across the region. Shipping activity through the Strait of Hormuz slowed sharply during the week, leaving markets focused on whether crude flows return to normal in the coming days. Traders are also awaiting the IEA’s monthly oil market report for updated projections on global demand, supply, and inventory trends.

Natural gas futures recorded their biggest one-day decline in more than three months after a larger-than-expected storage build and news of planned maintenance at the Freeport LNG export terminal in Texas weighed on sentiment. The EIA reported a 61 Bcf inventory injection last week, lifting the storage surplus above the five-year average to 185 Bcf from 175 Bcf a week earlier.

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