Gold, Silver Start 2026 Higher After Best Gains in 40 Years - HDFC Securities
GLOBAL MARKET ROUND UP
Gold and silver began 2026 on a positive note, trading modestly higher during Asian hours on Friday after posting their strongest annual gains in more than four decades in 2025. The advance has been underpinned by persistent geopolitical uncertainty, expectations of lower U.S. borrowing costs, sustained central bank purchases, and renewed inflows into goldbacked exchange-traded funds. Geopolitical risks continued to support safe-haven demand, as the United States tightened restrictions on Venezuela’s oil exports, and renewed Russia– Ukraine hostilities over the New Year disrupted Black Sea ports and key energy infrastructure.
The U.S. dollar slipped to around 98.2 on the first trading day of 2026, extending its steepest annual decline in eight years. Crude oil prices steadied on Friday as traders assessed an upcoming OPEC+ meeting alongside ongoing geopolitical risks linked to Venezuela and Ukraine. OPEC+ members, led by Saudi Arabia and Russia, are widely expected to reaffirm their decision to pause further supply increases at a video conference scheduled for January 4. On the geopolitical front, the Trump administration intensified pressure on Venezuela’s oil exports by imposing sanctions on companies based in Hong Kong and mainland China, as well as on vessels accused of evading existing restrictions—developments that have added a risk premium to crude prices.
Natural gas prices fell on Friday due to forecasts of warmer weather in early January, which exerted downward pressure on prices.
Copper increased on the first trading day of 2026 after achieving its strongest annual gain since 2009, driven by expectations of a tighter market. Trading may be thin on Friday given that several major markets, including Japan and China, remain on holiday
Gold
* Trading Range: 134300 to 138500
* Intraday Trading Strategy: Buy Gold Mini Feb Fut at 136150-136175 SL 135480 Target 137025/137450
Silver
* Trading Range: 234780 to 244500
* Intraday Trading Strategy: Buy Silver Mini Feb Fut at 241525-241550 SL 240075 Target 242900/243780
Crude Oil
* Trading Range: 5125 to 5280
* Intraday Trading Strategy: Buy Crude Oil Jan Fut at 5180-5185 SL 5125 Target 5235/5275
Natural Gas
* Trading Range: 309 to 345
* Intraday Trading Strategy: Sell Natural Gas Jan Fut at 332-333 SL 342 Target 319/312
Copper
* Trading Range: 1265 to 1345
* Intraday Trading Strategy: Buy Copper Jan Fut at 1292-1294 SL 1280 Target 1315/1324
Zinc
* Trading Range: 305 to 315
* Intraday Trading Strategy: Buy Zinc Jan Fut at 307.0-307.50 SL 304.80 Target 310.80/312.5
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