Commodity Daily Insights 12th June 2026 By - HDFC Securities Ltd
Gold staged its strongest rally in more than two months on Thursday after U.S. President Donald Trump announced that planned military strikes against Iran had been canceled, raising hopes that a diplomatic solution to the conflict could still be reached. Spot gold surged as much as 3.6% during the session before settling 3.4% higher at $4,212.26 an ounce.
Investor sentiment improved after Trump said Iran’s Supreme Leader had agreed to a peace framework, describing it as a “very strong memorandum of understanding,” although he acknowledged that a final agreement has yet to be completed. The prospect of easing geopolitical tensions weighed on the U.S. dollar and Treasury yields, providing additional support to precious metals.
The sharp rebound suggests that gold may have established a short-term bottom following its recent selloff. As long as Thursday’s low remains intact, the recovery could extend further in the near term. However, market direction is likely to remain highly sensitive to developments surrounding U.S.–Iran negotiations. Any setback in diplomatic efforts could reignite concerns over energy supply disruptions, push oil prices higher, and renew pressure on gold and silver through rising inflation expectations and higher interest rate concerns.
Crude oil prices fell to a two-month low on Friday after U.S. President Donald Trump announced that planned military strikes against Iran had been canceled, easing fears of a broader escalation in Middle East tensions. The development prompted traders to unwind part of the geopolitical risk premium that had recently supported oil prices. Despite the sharp pullback, market volatility is expected to remain elevated. While Trump's comments improved sentiment, investors are still awaiting formal confirmation from Iran and greater clarity on the proposed peace framework.
Until a final agreement is reached and both sides commit to its terms, crude oil prices are likely to remain highly sensitive to geopolitical headlines and developments surrounding U.S.–Iran negotiations. Copper prices rebounded from their lowest close since mid-May as improving sentiment toward the Middle East conflict encouraged buying at lower levels. The improvement in risk appetite prompted traders to rebalance positions, supporting a modest recovery across the base metals complex
Gold
• Trading Range: 144900 to 151750
• Intraday Trading Strategy: Buy Gold Mini Jul Fut at 147550-147575 SL 146680 Target 149150/150750
Silver
• Trading Range: 239750 to 253900
• Intraday Trading Strategy: Buy Silver Mini Jun Fut at 245600-245625 SL 242900 Target 249080/250900
Crude Oil
• Trading Range: 7900 to 8575
• Intraday Trading Strategy: Sell Crude Oil Jun Fut at 8275-8280 SL 8400 Target 8105/8025
Natural Gas
• Trading Range: 280 to 305
• Intraday Trading Strategy: Sell Natural Gas Jun Fut at 297-297.5 SL 302.8 Target 288.50/284
Copper
• Trading Range: 1319 to 1350
• Intraday Trading Strategy: Buy Copper Jun Fut at 1331-1332 SL 1326 Target 1339.8/1344
Zinc
• Trading Range: 359 to 372
• Intraday Trading Strategy: Buy Zinc Jun Fut at 365.5-366.0 SL 363.8 Target 369.05/371.0
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