Commodity Daily Insights 29th July 2026 By - HDFC Securities Ltd
GLOBAL MARKET ROUND UP
Gold remained under pressure ahead of the U.S. Federal Reserve's interest-rate decision, with persistent Middle East tensions offering some support to prices. Markets are closely watching the Fed's policy outlook, as policymakers balance June's inflation data against rising oil prices, making the decision a potential catalyst for gold's next major move. Despite falling nearly 25% since the onset of the U.S.-Iran conflict, gold has continued to hold above the key $4,000 per ounce support level since late June.
Escalating tensions in the Persian Gulf are renewing upside pressure on crude oil prices, reversing earlier declines triggered by President Trump's pause in U.S. military strikes and optimism over a possible diplomatic agreement. Higher oil prices are increasing inflation concerns and adding pressure on global equities amid weakening AI-driven market momentum, while also reinforcing expectations that the Federal Reserve could either raise interest rates at its current meeting or signal further tightening in the months ahead. Copper prices declined alongside most base metals as investors turned cautious ahead of the U.S. Federal Reserve's interest-rate decision. Rising inflation risks stemming from the Middle East conflict have increased expectations that the Fed could opt for a rate hike, weighing on industrial metals. Copper on the LME fell 0.6% to $13,643.50 per ton, although the metal remains on track to post a 2% monthly gain.
Asian equities extended their decline as investors continued rotating out of semiconductor stocks amid growing doubts over whether heavy AI-related investments will generate adequate returns. Market sentiment was further weakened by escalating conflict in the Middle East, which pushed oil prices higher and raised inflation concerns. South Korea's benchmark index led regional losses, falling 8.2% after an 11% plunge in the previous session.
The U.S. Dollar Index is trading in a narrow range ahead of tonight's FOMC policy decision, with markets largely expecting the Federal Reserve to keep interest rates unchanged, though a roughly 30% chance of a surprise rate hike remains priced in.
Gold
• Trading Range: 139800 to 143900
• Intraday Trading Strategy: Sell Gold Mini Aug Fut at 142600 SL 144150 Target 139800
Silver
• Trading Range: 213200 to 224500
• Intraday Trading Strategy: Sell Silver Mini Aug Fut at 222900 SL 224500 Target 213200
Crude Oil
• Trading Range: 7200 to 7900
• Intraday Trading Strategy: Buy Crude Oil Aug Fut at 7550 SL 7350 Target 7860
Natural Gas
• Trading Range: 240 to 277
• Intraday Trading Strategy: Sell Natural Gas Aug Fut at 268 SL 276 Target 256
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