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Bullion – Spot gold eased modestly but held above $4,615/oz, while silver slipped about 1% to settle near $92.4, as risk aversion softened due to reduced geopolitical anxiety, following signals that the U.S. is less likely to escalate action against Iran, and Trump’s assurance on retaining Fed Chair Powell, tempered safe-haven demand. The dollar strengthened after U.S. jobless claims fell to a six-week low of 198K, highlighting labor market resilience and pressuring bullion. Hawkish remarks from Fed officials reinforced the case for restrictive policy amid sticky inflation. However, both metals rebounded from intraday lows, with silver drawing support from upbeat U.S. manufacturing surveys and industrial demand optimism. Today, Gold eased near $4,600, extending losses as safehaven demand softened and Fed cut hopes cooled. CME raised Comex silver margins while trimming gold margins, citing routine volatility reviews effective after Friday’s close.

Crude Oil – WTI crude oil saw biggest single day decline since June by over 4.5% on Thursday, weighed down by easing immediate supply disruption concerns from OPEC’s fourth-largest oil producer. President Trump said he had received assurances that the killing of demonstrators in Iran had stopped, followed by the US decision to withdraw some personnel from military bases in the Middle East, This wiped out most of the risk premium despite the US president not ruling out military action against Iran in response to its violent crackdown on anti-government protests. Supply-side weakness persists, including constrained Venezuelan exports amid sanctions enforcement and ongoing disruptions to Kazakh crude flows via the Black Sea. Today, Oil prices hold declines and trade below $59/bbl as rising non-OPEC production and subdued global demand momentum weigh on sentiment amid easing geopolitical risks.

Natural Gas – NYMEX gas futures rebounded from a 3-month low to settle near $3.1/mmBtu, as forecasts for below-normal US temperatures raised potential heating demand expectations.

Base metals – Base metals closed on a mixed note, with zinc outperforming as prices rose over 1% to around $3,314/ton, while copper eased back toward $13,100/ton after retreating from record highs. Copper came under pressure after Donald Trump signaled a preference for negotiating supply agreements rather than immediately imposing new tariffs on critical mineral imports, tempering near-term supply fears. China’s move to curb highfrequency trading also weighed on sentiment after a week of frenetic activity that had fueled sharp gains across global metals. Despite the recent pullback, copper continues to find support from falling LME inventories and strong structural demand, while zinc prices remain underpinned by smelter curbs in key producing regions that are tightening refined supply.

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