Prime Research Commodity Daily Report: 23 September 2026

Global Market Round Up

Gold hovered around $4,350 an ounce on Wednesday after a sharp intraday rebound in the previous session, as oil prices extended their decline for a sixth consecutive session. Lower oil prices eased concerns over inflation and interest rates, providing support to precious metals.

The decline in oil prices continued amid signs of progress in U.S.-Iran diplomatic efforts, while expectations that Saudi Arabia could restore oil exports through its East-West pipeline in the coming days also eased supply concerns.

However, gains in gold remained capped by a strong U.S. dollar and hawkish signals from Federal Reserve officials. The dollar index held around 100.5, near an eight-week high, after Richmond Fed President Tom Barkin warned that inflationary shocks could take time to fade and risk becoming entrenched. Boston Fed President Susan Collins also backed last week’s rate hike, citing concerns that inflation could remain above the Fed’s 2% target.

Crude oil prices extended losses on Wednesday, with WTI futures falling below $90 a barrel for a sixth consecutive session as easing Middle East supply concerns and renewed U.S.-Iran diplomatic efforts weighed on prices. Tehran indicated it could reopen the Strait of Hormuz within seven days if Washington eases its blockade and takes steps towards lifting restrictions on Iranian oil exports.

Meanwhile, U.S. crude inventories rose by 1.79 million barrels last week following a 7.14-million-barrel increase in the previous week, according to API data. Market attention now turns to the official EIA inventory report for further direction.

Natural gas prices rebounded sharply on Tuesday, reaching their highest level since July 8 as forecasts for hotter U.S. autumn weather pointed to stronger power-sector demand. Above-average temperatures across the South-Central U.S. through October 6 could extend air-conditioning demand, while the storage surplus is narrowing as strong power-sector demand offsets robust production.

Copper prices consolidated at elevated levels as persistent supply concerns and strong demand continued to support the market. Global mined copper production could decline this year for the first time since 2017, reflecting supply disruptions, declining ore grades and weaker output from Chile.