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Bullion – Comex August gold futures rebounded on Tuesday, closing 0.42% higher at $3,324, after four consecutive sessions of decline. The recovery was driven by a drop in U.S. Treasury yields and weaker labor market data, which boosted safe-haven demand. The June JOLTS report showed job openings fell to 7.437 million, below estimates and down from May’s 7.769 million, signaling corporate hiring hesitancy amid tariff uncertainties. Meanwhile, silver edged up 0.17%. Ahead of the Fed’s 2day policy meeting, markets are also anticipating a slowdown in July’s Nonfarm Payrolls to 102K from June’s 147K. Despite labor softness, July’s Consumer Confidence rose to 97.2, beating forecasts. Trade sentiment improved after U.S. Treasury Secretary Bessent confirmed ongoing tariff truce talks with China. Gold trading flat near $3,324 as traders now focus on releases, including GDP, ADP employment, and pending home sales and Fed interest rate decision, expected to hold rates steady.

Crude Oil –

WTI Crude oil prices rallied 4% on Tuesday to $69.8/bbl after President Trump shortened the deadline for Russia to show progress in ceasefire talks over Ukraine. He warned of tariffs and potential secondary sanctions if a ceasefire isn't reached within 10 days, raising fears of supply disruptions. Additionally, market sentiment improved on renewed optimism around the extension of the U.S.-China trade truce. This came after a trade agreement was reached between the U.S. and the European Union, helping to avert a potential trade war between two of the world’s largest economic partners. Today, oil prices are holding above $69/bbl, supported by continued geopolitical tensions and increased U.S. pressure on Russia. However, traders may remain cautious ahead of the EIA inventory report, key U.S. macroeconomic data, and the FOMC statement later in the day. API estimated a 1.5 mb build in U.S. crude stocks for the week ending July 25.

Natural Gas –

NYMEX gas futures surged to $3.19/mmBtu, supported by bargain buying ahead of contract expiry following a sharp decline recently and steady increase in LNG export volumes.

Base metals -

LME base metals ended Tuesday on a mixed note, with most metals closing lower, while copper was the sole gainer, edging up 0.05% to $9798/ton on weaker dollar and renewed hopes of an extension to the US-China trade truce, even as uncertainty persisted ahead of the August 1 deadline for the planned 50% US tariff on copper imports. While Chile, largest supplier to the US, is seeking exemptions, trade officials have indicated duties would be applied globally, without exceptions. Broader sentiment remained cautious, as lingering concerns over trade tensions and lack of clarity on the specific products affected kept gains in check. LME metals may edge higher on optimism around a potential US-China trade extension, though upside could be capped by a stronger dollar ahead of FOMC rate decision.

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