Prime Research Commodity Daily Report: 25 June 2026

Global Market Round UpGold prices extended their sharp decline, with spot gold falling below the $4,000 mark for the first time since November as expectations of higher U.S. interest rates and a surging dollar continued to pressure precious metals. Silver also weakened significantly, slipping below $60 an ounce for the first time since December after losing more than half of its value from January’s peak.

The latest selloff has been driven primarily by a sharp reassessment of the U.S. interest-rate outlook. Although easing oil prices amid ongoing U.S.-Iran peace negotiations have reduced immediate inflation concerns, markets were caught off guard by Federal Reserve Chairman Kevin Warsh’s hawkish stance at last week’s policy meeting. His commitment to tackling inflation reinforced expectations that interest rates could remain elevated for longer, boosting the U.S. dollar and Treasury yields while weighing heavily on non-yielding assets such as gold and silver.

The bearish outlook has been further reinforced by a deterioration in gold’s technical structure. A decisive break below several key support levels has triggered fresh speculative selling, keeping downward momentum intact. Until market expectations for interest rates begin to soften, any recovery in bullion is likely to face renewed selling pressure.

Crude oil prices remained under pressure as progress in U.S.-Iran peace negotiations continued to ease concerns over global supply disruptions. WTI crude slipped below $70 per barrel for the first time since early March, while Brent crude fell to its lowest level since late February, as more oil tankers resumed transit through the Strait of Hormuz, reducing fears of a prolonged supply crunch.

The reopening of key shipping routes has prompted markets to unwind much of the geopolitical risk premium built up during the conflict, with oil prices now down nearly 40% from their wartime highs.

Meanwhile, U.S. government data showed domestic crude inventories fell to their lowest level since 1984, while stockpiles at the Cushing, Oklahoma storage hub dropped below 19 million barrels, a level many traders consider operationally tight. However, the supportive inventory data had little impact on prices, as improving supply conditions in the Middle East continued to dominate market sentiment.

Copper and other industrial metals came under heavy selling pressure as a stronger U.S. dollar and the Federal Reserve’s hawkish policy outlook dampened the demand outlook.

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