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Bullion – Spot gold and silver rallied sharply on Monday, gaining over 2.5% and 4% respectively, with gold settling above $5,225/Oz and silver near $88, both climb to multi-week highs. Bullion prices driven by weaker dollar and renewed safe-haven inflows amid escalating trade protectionism and intensifying geopolitical tensions. Trump signed an executive order lifting global tariffs to 15% under Section 122 of the Trade Act of 1974 and warned of steeper duties on countries that “play games” with their existing trade deals. Additional support came from stalled U.S.–Iran nuclear negotiations ahead of the Geneva meeting and the return of Chinese buyers postholiday. Today, Gold slipped below $5,200, as investors booked profits following a four-session advance driven by trade policy uncertainty and Middle East tensions. Despite the pullback, bullion remains supported by hedging demand amid fiscal risks, while markets await key US confidence and manufacturing index.

Crude Oil – WTI crude oil prices climbed to a fresh six-month high of $67.3 per barrel amid caution ahead of a third round of U.S.–Iran nuclear talks scheduled for Thursday. However, prices pared gains, closing at $66.3 per barrel, Trump’s weekend announcement of a new 15% global tariff raised concerns about trade tensions, potentially dampening global growth and fuel demand. Today, oil prices edged higher toward $67 per barrel after Trump stated he prefers a diplomatic resolution in the upcoming talks but warned of consequences if no nuclear agreement is reached. Meanwhile, the risk of a prolonged standoff with Iran has heightened fears that Tehran could disrupt shipping through the Strait of Hormuz, a key global oil transit route.

Natural Gas – NYMEX gas futures fell more than 2% on Monday, closing below $3 per mmBtu were pressured by warmer midday weather outlooks and expectations of smaller-than-anticipated inventory draws.

Base metals – Base metals ended the previous session in negative territory, with all metals closing lower, led by copper and zinc. Copper slipped toward $12,860/ton, surrendering early gains as renewed uncertainty around shifting US trade policies unsettled broader risk sentiment. Trump’s proposal to raise the global tariff rate to 15%, following the Supreme Court’s rejection of reciprocal duties, added to concerns over global growth and commodity demand. A softer dollar limited downside pressure. Looking ahead, sentiment has improved as Chinese markets reopen after the extended Lunar New Year break, with expectations of stronger trading volumes. Copper advanced toward $13,200 per ton in London on expectations of less-severe US tariffs on China. However, elevated price levels and rising inventories across Chinese, US, and LME warehouses indicate potential near-term consolidation.

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