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Precious metals remained under pressure on Thursday, with gold holding below $4,300 an ounce after a sharp decline in the previous session. A stronger U.S. dollar and rising Treasury yields weighed on bullion after stronger-than-expected U.S. private-sector data raised concerns over persistent inflation and the potential for further Federal Reserve tightening. The dollar index held above 101, near a two-month high, while several Fed officials reiterated support for last week’s rate hike and cautioned that inflation risks remain elevated.

Markets are now pricing in around a 70% chance of another rate increase in October, up from 55% a day earlier. Meanwhile, oil prices rebounded after Iranian President Masoud Pezeshkian said Tehran would not allow freedom of navigation through the Strait of Hormuz while sanctions and the U.S. blockade remain in place. Higher oil prices could add to inflation concerns and further complicate the outlook for monetary policy. Crude oil prices steadied on Thursday, with WTI futures holding above $92 a barrel after rebounding in the previous session, as uncertainty persisted over the progress of U.S.-Iran talks.

Iranian President Masoud Pezeshkian told the U.N. General Assembly that Tehran would not bow to threats and would not give up its right to develop nuclear technology for economic purposes. He also said Iran would restrict navigation through the Strait of Hormuz as long as U.S. sanctions and the blockade remain in place, keeping supply risks elevated. Meanwhile, the U.S. administration is considering a voluntary reduction in diesel exports in cooperation with refiners, while Saudi Arabia is taking steps to resume crude exports through its key East-West pipeline.

These developments could influence the near-term supply outlook for the oil market. Copper prices edged lower in Asian trading as a stronger U.S. dollar and profit-taking after the recent rally weighed on prices. However, the fundamental outlook remains supportive, with the suspension of operations at Chile’s Escondida mine adding another supply-side risk to an already tight global copper market. Natural gas prices traded near recent swing highs, supported by weather-driven demand, while seasonal demand patterns remain a key factor for the market.

Gold

• Trading Range: 148750 to 152525

• Intraday Trading Strategy: Sell Gold Mini Oct Fut at 151125-151150 SL 151750 Target 150450/149625

Silver

• Trading Range: 231050 to 239080

• Intraday Trading Strategy: Sell Silver Mini Nov Fut at 237450-237475 SL 239000 Target 235050/233025

Crude Oil

• Trading Range: 8500 to 9180

• Intraday Trading Strategy: Buy Crude Oil Oct Fut at 8680-8685 SL 8575 Target 8905/9035

Natural Gas

• Trading Range: 280 to 304

• Intraday Trading Strategy: Buy Natural Gas Sep Fut at 289-289.5 SL 284 Target 294.80/299

Copper

• Trading Range: 1401 to 1422

• Intraday Trading Strategy: Buy Copper Sep Fut at 1409-1409.50 SL 1404 Target 1414/1419.0

Zinc

• Trading Range: 427 to 440

• Intraday Trading Strategy: Sell Zinc Mini Sep Fut at 433.5-433.80 SL 436.8 Target 429.0/427.0

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