HSL Prime Research Commodity Weekly Report 09 November 2026

Global Market Round Up

Commodity markets witnessed mixed trading last week, with precious metals staging a strong recovery while crude oil prices declined sharply. Industrial metals remained under pressure, reflecting weakness across parts of the base metals complex. Global equity markets also delivered a mixed performance.

Gold and silver recorded strong weekly gains, recovering from their recent weakness and emerging as the best-performing segment of the commodity market. Gold advanced 5.06% to $4,070 an ounce, while silver gained 5.74% to $51.92 an ounce. The recovery gathered momentum midweek following the U.S. midterm election results, with Democratic victories in both chambers of Congress raising hopes of progress towards resolving the U.S.-Iran conflict. The resulting decline in crude oil prices eased concerns over energy-driven inflation and the possibility of further interest-rate increases.

Despite the strong weekly recovery, the medium-term outlook for precious metals remains vulnerable. Further movements in crude oil prices, developments in U.S.-Iran diplomatic efforts and their implications for inflation and Federal Reserve policy will remain key market drivers. Any reversal in oil prices or renewed geopolitical tensions could trigger fresh volatility in precious metals during the coming week.

Crude oil recorded double-digit losses over the week as Democratic victories in the U.S. midterm elections raised expectations of a diplomatic resolution to the conflict with Iran. The election outcome increased pressure on President Donald Trump to pursue negotiations, while his acknowledgment that the war had contributed to significant Republican losses further strengthened hopes of de-escalation, prompting investors to unwind part of the geopolitical risk premium in oil prices. Geopolitical developments will remain a key driver of crude oil prices in the coming week. President Trump’s confirmation of fresh military strikes on Iran, alongside his claim that Washington had made “a lot of progress” in negotiations with Tehran, has added another layer of uncertainty. In addition, markets will assess the latest monthly reports from the EIA, IEA and OPEC for updated projections of global oil demand, supply and inventory levels.

Natural gas prices climbed to a one-week high on Friday, settling higher on expectations of colder U.S. temperatures that could boost heating demand. Stronger LNG exports also supported the market by tightening domestic supply.

On the macroeconomic front, investors will focus on inflation data from China, the U.S., Germany, Japan and India. Markets will also closely monitor speeches by Federal Reserve officials for further clues on the economic outlook and the Fed’s monetary policy direction.