HSL Prime Research Commodity Weekly Report: 15 June 2026

Global Market Round Up

Gold ended the week with a modest loss after recovering from a sharp selloff that briefly pushed prices to a six-month low. Spot gold has declined nearly 25% from its January peak, entering bear-market territory and erasing a significant portion of its gains from the first quarter.

Despite this steep correction, bullion has managed to stay above the key $4,000 level, which has provided some stability to market sentiment. Growing optimism surrounding a potential U.S.-Iran peace agreement improved sentiment across the precious metals market, leading to the recovery on Friday.

Investor confidence was bolstered after U.S. President Donald Trump announced that planned military strikes against Iran had been canceled, raising hopes that the conflict could be resolved through diplomatic means.

The sharp rebound indicates that gold may have established a short-term bottom following its recent sell-off. As long as the recent low of $4,024 remains intact, the recovery could extend further in the near term.

Spot gold has support at $4,205 and $4,175, while resistance is found at $4,380 and $4,495. For MCX Gold August futures, the expected trading range for the week is between ₹149,900 and ₹157,450.

Crude oil prices fell sharply last week, with WTI crude declining 6.25% to $84.88 per barrel, as optimism surrounding U.S.-Iran negotiations eased concerns over potential supply disruptions.

Sentiment weakened after reports indicated that Iran had accepted a proposed memorandum of understanding from the United States and acknowledged significant progress in talks aimed at ending months of hostilities.

The prospect of a diplomatic breakthrough increased expectations that the Strait of Hormuz could eventually reopen to normal shipping activity, reducing geopolitical risk premiums that had previously supported oil prices.

As a result, traders unwound bullish positions, driving crude oil to its lowest level in several weeks.

Market attention this week is expected to shift back toward macroeconomic developments, with the U.S. Federal Reserve’s policy meeting likely to be the key event for global financial and commodity markets.

Investors will closely monitor the first policy decision under Chairman Kevin Warsh for clues on the Fed’s outlook, particularly as inflation remains above target and markets increasingly price in the possibility of additional policy tightening later this year.

In addition, China’s industrial production and retail sales data will be closely watched for clues on demand trends and their impact on commodity markets.

Market Performance Snapshot