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Bullion –

Spot gold closed positive on Thursday, after an early pullback to $4,407/Oz due to renewed strength in the U.S. dollar but recover to over $4,477. Silver, closed lower for 2 nd straight session, as near-term pressure from commodity index rebalancing continued. The dollar climbed to a 4-week high after better-thanexpected U.S. economic data showed a resilient labor market. Weekly initial jobless claims rose by 8K to 208K, below expectations, while U.S. job cuts fell to a 17-month low. Moreover, the October U.S. trade deficit unexpectedly narrowed to its smallest level in 16 years. Today, gold is trading steady above $4,460 as geopolitical risks remain elevated, with reports of seized Venezuela-linked oil tankers and renewed strategic discussions involving Greenland. Markets now turn to U.S. NFP report and Michigan consumer sentiments for further direction on Fed policy.

Crude Oil –

WTI crude surged roughly 4% on Thursday to close at $57.8/bbl, supported by rising geopolitical risks in the Middle East and a stronger-than-expected U.S. employment report. Prices also found an additional tailwind from the annual rebalancing of major commodity indices, which is expected to trigger buying of oil futures over the coming sessions. Today, crude held steady above $58 per barrel as concerns over potential supply disruptions lingered after President Trump warned of a “hard” response if Iran’s authorities were to kill protesters. Market participants are also closely monitoring progress on a U.S. congressional proposal that could impose severe sanctions on purchasers of sanctioned Russian oil, with a vote potentially coming as soon as next week.

Natural Gas –

NYMEX natural gas futures extended their rally, settling above $3.50 per mmBtu, driven by forecasts for colderthan-normal temperatures in mid-January, alongside a larger-thananticipated drawdown in U.S. natural gas inventories.

Base metals –

LME base metals ended Thursday on a mixed note, with aluminium the lone gainer, while copper slipped over 1% to $12,720/ton and nickel led losses. Nickel retreated sharply from a 19-month high after Indonesia provided no clarity on proposed production curbs, undermining supply-tightening expectations and triggering profit-taking following a sharp rally. Copper eased as signs emerged that high price levels are dampening Chinese demand. Meanwhile, uncertainty over potential U.S. copper tariffs and mixed inflation signals from China weighed on near-term sentiment, despite persistent longer-term concerns around structural supply tightness across the base metals complex. Metals have opened on a firmer note, but upside may be capped by a stronger dollar and rising inflation in China, which is being fueled by food costs even as underlying deflationary pressures persist.

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