HSL Prime Research Commodity Weekly Report 20 July 2026

Global Market Round Up

Commodity markets witnessed another volatile week as renewed geopolitical tensions between the United States and Iran dominated investor sentiment. Escalating military strikes and fresh threats surrounding the Strait of Hormuz reignited fears of potential supply disruptions, pushing crude oil prices sharply higher and reviving inflation concerns across global markets.

Gold traded in a volatile range during the week, briefly falling to a two-week low before recovering part of its losses. Despite the rebound, the precious metal posted its second consecutive weekly decline as macroeconomic headwinds outweighed safe-haven demand. Softer-than-expected U.S. inflation data offered some support, but rising crude oil prices, renewed inflation concerns, and uncertainty surrounding the Federal Reserve’s policy outlook limited the upside.

From a technical perspective, gold remains under pressure after recording a second straight weekly decline. Immediate support is seen near the year-to-date low of $3,945, while a decisive break below this level could expose the next major support zone around $3,887–$3,850. On the upside, gold needs to reclaim the $4,100–$4,150 region to improve its near-term technical outlook, with a sustained move above $4,200 required to signal a broader recovery.

Crude oil emerged as the standout performer, rallying more than 15% during the week as geopolitical tensions escalated in the Middle East. U.S. strikes on Iranian military facilities and Iran’s retaliatory attacks on U.S.-linked assets significantly increased concerns over the security of energy supplies passing through the Strait of Hormuz. Looking ahead, crude prices are expected to remain highly sensitive to geopolitical developments, with any further disruption to shipping routes or energy infrastructure likely to fuel additional volatility.

Industrial metals delivered mixed performances. Copper and aluminium posted modest gains, supported by supply-side constraints and expectations of resilient industrial demand, while zinc and lead ended the week lower.

Looking ahead, markets will remain focused on developments in the U.S.–Iran conflict and their impact on global energy supplies and inflation expectations. Any signs of escalation, de-escalation, or diplomatic progress—particularly around the Strait of Hormuz—will continue to influence commodity prices. On the macroeconomic front, investors will also monitor U.S. housing data and the European Central Bank’s policy outlook for further direction.

Commodities (Weekly Performance)

Currencies (Weekly Performance)

Global Equity Indices (Weekly Performance)