Commodity Trading

Gold is expected to trade with a positive bias in near-term, and can extend its advance to $4,200 level in the coming weeks. Upside will remain capped unless the rate hike probability comes down furth

Silver prices rebounded on Warsh's remarks in the ECB panel discussion on July 1, and a weaker-than-expected nonfarm US payroll report for June.

For the second-half of 2026, upside for Gold and Silver seems to be capped around $4,400 and $90, says Anindya Banerjee, Head of Commodity and Currency Research, Kotak Securities:

Developments surrounding US-Iran negotiations, movement in crude oil prices and key global economic data are expected to steer gold and silver prices next week, analysts said. The focus will squarely be on talks scheduled in Burgenstock, Switzerland, where US Vice President J D Vance is expected to lead discussions with Iranian officials to build on last week's framework agreement aimed at ending hostilities and reviving nuclear negotiations. Analysts said the outcome of the talks could influence risk sentiment and energy markets, with implications for bullions. Domestic commodity markets will remain closed during the morning session on Friday on account of Muharram. "Gold and silver momentum looks sideways/corrective as focus will remain on the negotiation between Washington and Tehran and also on the flow of crude oil, LNG and raw materials from the Strait of Hormuz," Pranav Mer, Vice President, EBG - Commodity & Currency Research, JM Financial Services Ltd, said. The precious .

Silver was trading at $66, down 7.78 per cent from June 17 high of $71.57.

Gold sold off not because the war became less threatening, but because the war was making the Fed's job harder.

The path of least resistance for Brent over the next two quarters appears skewed to the downside, with Brent prices likely drifting below $90/bbl

According to Praveen Singh, head of commodities at Mirae Asset Sharekhan, silver is expected to continue to remain under pressure unless a US-Iran deal is formally announced

A firmer dollar, rate hikes by central banks, ETF outflows, and elevated yields are likely to keep the yellow metal under pressure. China's demand is not too strong either

The Supertrend indicator remains in sell mode, while prices are hovering around the short-term moving average zone, suggesting the absence of a strong directional trend.

For now, the oil market remains at a crossroads-pulled in opposite directions by forces that are both powerful and persistent, with no clear resolution in sight

Gold ETF flows remain uninspiring, as investors continue to be deterred by elevated volatility and the prospect of higher interest rates

Gulf's flagship national oil companies have issued stark timelines. Saudi Aramco CEO Amin Nasser warned that oil market will not normalise until 2027 if Hormuz disruptions persist past mid-June 2026.

WTI futures traded below $93 per barrel mid-week, near a five-week low, as markets weighed optimism over ongoing US-Iran negotiations against renewed military operations in southern Iran

Gold's trajectory continues to depend on oil prices as traders remain fixated on rate moves. High oil prices are supporting the US Dollar and increasing the probability of rate hikes

In the present scenario, upside in silver is expected to remain capped barring clear and material developments aiding constructive US-Iran negotiations

Rising real yields alongside a firmer dollar have together stripped two of gold's most consistent supports simultaneously

The probability of US-Iran negotiations entering a more substantive phase is rising-every additional week of disruption deepens financial market stress that the White House cannot indefinitely absorb

An Electronic Gold Receipt (EGR) is a dematerialised instrument that represents ownership of physical gold held in a Sebi-regulated vault

In the near term, oil markets remain pulled between tightening supply fundamentals and expectations of an eventual geopolitical breakthrough