Commodity Daily Insights 11th June 2026 By - HDFC Securities Ltd
GLOBAL MARKET ROUND UP
Gold prices extended their decline on Thursday as escalating geopolitical tensions and a deteriorating interest rate outlook continued to weigh on investor sentiment. Fresh pressure emerged after U.S. President Donald Trump warned of further military action against Iran, reviving concerns that prolonged disruptions to energy supplies could keep inflation elevated and force central banks to maintain a restrictive policy stance for longer. Adding to the bearish mood, U.S. inflation data released on Wednesday showed consumer prices in May rose at the fastest annual pace in more than three years, largely driven by higher energy costs.
Although the data broadly matched market expectations, it reinforced concerns that inflation remains persistent and could delay any shift toward monetary easing. From a technical perspective, the outlook has weakened considerably after spot gold broke below several key support levels.
With the market increasingly pricing in the possibility of further policy tightening, near-term risks remain skewed to the downside, leaving precious metals vulnerable to additional selling pressure. Crude oil prices rose, with WTI trading above $93 per barrel on Thursday, extending gains from the previous session as renewed U.S. strikes against Iran heightened concerns that peace efforts could unravel and prolong disruptions across global energy markets. Additional support came from U.S. inventory data, which showed crude stockpiles fell by 7.2 million barrels last week, marking a seventh consecutive weekly decline and signaling tightening supply conditions. Natural gas futures settled higher on Thursday, snapping a three-session losing streak as updated weather forecasts pointed to warmer temperatures across parts of the United States later this month, supporting expectations for stronger cooling demand.
Market attention now turns to today's weekly storage report from the EIA, with market expecting a 100 Bcf injection into storage, slightly above the seasonal average. The report is expected to provide fresh insight into supply-demand conditions and could influence the near-term direction of natural gas prices. Copper and other base metals remained under pressure as renewed tensions in the Middle East dampened risk appetite and raised concerns over the global growth outlook
Gold
• Trading Range: 143050 to 148780
• Intraday Trading Strategy: Sell Gold Mini Jul Fut at 146050-146075 SL 147025 Target 144900/144480
Silver
• Trading Range: 228500 to 243750
• Intraday Trading Strategy: Buy Silver Mini Jun Fut at 235900-235950 SL 234080 Target 239025/240675
Crude Oil
• Trading Range: 8350 to 9175
• Intraday Trading Strategy: Buy Crude Oil Jun Fut at 8620-8625 SL 8505 Target 8875/9005
Natural Gas
• Trading Range: 294 to 329
• Intraday Trading Strategy: Buy Natural Gas Jun Fut at 302-302.50 SL 297.8 Target 312/317.50
Copper
• Trading Range: 1280 to 1324
• Intraday Trading Strategy: Sell Copper Jun Fut at 1314-1314.80 SL 1322 Target 1306/1302
Zinc
• Trading Range: 353 to 365
• Intraday Trading Strategy: Sell Zinc Jun Fut at 359.5- 359.8 SL 363.8 Target 355.0/353.5
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