Prime Resear͏ch Com͏modity Report: Gold and Silver Reb͏ound 1% as͏ Dol͏l͏a͏r Pulls Back Fro͏m 15-Week Hi͏g͏h; Cru͏d͏e ͏O͏il Plunges 11% on IEA͏ Reserve Releas͏e Pl͏an

Mum͏bai, ͏Marc͏h 11: Precio͏us me͏tals͏ s͏taged a r͏ec͏overy in Tuesday͏’s tra͏d͏ing session as the US ͏Dolla͏r In͏dex retrea͏ted f͏rom its 15-week high, while crude oil pri͏ces wi͏tnessed their sharpest decl͏in͏e͏ in months followi͏ng signals of the largest-ever strategic re͏ser͏ve release by the I͏nternational Energy Ag͏ency (I͏EA).

The͏ interplay betw͏een c͏urrenc͏y͏ mo͏vements, ͏geopolitical tensions in the͏ Mi͏ddle East, and coordina͏ted͏ e͏nergy ma͏rket int͏er͏ven͏t͏ions created signif͏icant cross͏-asset volatili͏ty, with ͏base met͏als also ga͏inin͏g on supply cha͏in concerns.

Dollar Index Falls 0.35% ͏F͏rom ͏Peak, Yields ͏Ease to ͏Boos͏t B͏u͏llion

Gold ͏and ͏silver found rel͏ief on Tue͏sday as͏ th͏e US Dolla͏r I͏ndex slipped 0.35% to 98.826, re͏treating ͏from th͏e 15-week high of 99͏.175 touched in the p͏revious͏ s͏ession. T͏reasury yields a͏lso edge͏d low͏er, pro͏vidi͏ng br͏eathing room fo͏r non͏-yie͏lding assets. COMEX Go͏ld rose 1.04% to $5,͏191.98 p͏er ou͏nce͏, while COMEX Silver gained 1.57% to ͏$88.33 per ͏ounce. On ͏t͏he M͏ulti͏ Commodity Exc͏hange͏ (MCX), Gold Apr͏il futu͏res settled 1.87% higher ͏at ₹͏1͏63,303 per 10 gra͏ms, and Silver M͏ay͏ fu͏tur͏e͏s surged 4% to ₹27͏7,850͏ per kilogram.

China Adds Gold Reserves for 16th Straight Month in February

Long-term demand prospects received a boost after the People’s Bank of China increased its gold reserves for the 16th consecutive month in February. The continued accumulation by the world’s largest central bank buyer reinforced the structural support for bullion from official sector purchases, even as prices traded within broader ranges. Market participants noted that central bank buying continues to provide a floor beneath precious metal prices despite near-term consolidation pressures.

Pentagon Confirms Intensified Strikes on Iran Despite Trump’s Peace Remarks

Safe-haven demand received fresh impetus after the Pentagon announced that the United States and Israel had carried out their most intense strikes yet on Iran, vowing to continue operations until objectives are achieved. The aggressive military posture contradicted earlier statements from former President Donald Trump suggesting the conflict could end soon, highlighting the unpredictable nature of the geopolitical landscape. The uncertainty pushed investors toward traditional havens, though the impact was partially offset by strength in risk assets.

WTI Crude Plunges 11.94% to $83.45 on IEA’s Largest-Ever Reserve Release Plan

Energy markets experienced a dramatic reversal as WTI Crude Oil futures tumbled 11.94% to $83.45 per barrel on Tuesday, a stark contrast to the previous session’s spike near $120. The collapse came as global leaders signalled readiness to intervene in energy markets to contain the fallout from the Iran conflict. The IEA proposed a strategic oil reserve release exceeding the 182 million barrels deployed in 2022 following Russia’s invasion of Ukraine, marking the largest single coordinated release in history. MCX Crude Oil March futures plunged 15.56% to ₹7,421 per barrel.

Natural Gas Falls 3.21% as Milder Weather Cuts Heating Demand

Natural gas prices extended losses, with COMEX Natural Gas declining 3.21% to $3.02 per million British thermal units. MCX Natural Gas March futures settled 4.92% lower at ₹276.1 per mmBtu. The downturn was driven by milder weather forecasts reducing heating demand across key consumption regions, while the broader pressure on energy complex from the IEA’s planned reserve release added to the bearish sentiment.

LME Copper Gains 1.44% to $13,140 on Middle East Supply Chain Fears

Base metals advanced as traders assessed the potential duration of the Iran war and its implications for global supply chains. LME Copper rose 1.44% to $13,140 per tonne, while LME Aluminium gained 0.61% to $3,406 per tonne. LME Zinc advanced 0.51% to $3,345.50 per tonne, and LME Lead added 0.36% to $1,943.50 per tonne. On MCX, Copper March futures gained 1.21% to ₹1,208 per kilogram, with concerns mounting that disruptions in the Middle East could affect key shipping routes for industrial metals.

Asian Markets Lead Global Equities Higher; Nikkei Surges 2.88%

Global equity markets posted strong gains, with Asian indices leading the advance. Japan’s Nikkei jumped 2.88% to 54,248, while Hong Kong’s Hang Seng Index rose 2.17% to 25,960. China’s Shanghai Composite added 0.65% to 4,123, and India’s BSE Sensex climbed 0.82% to 78,206. European markets also rallied, with the DAX gaining 2.39% to 23,969 and the CAC Index rising 1.79% to 8,057. US indices traded marginally lower, with the S&P 500 down 0.21% to 6,781.