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Gold Reclaims $4,100 Level as Traders Weigh US-Iran Geopolitical Risks

Gold prices recovered to trade above $4,100 on July 10 as traders assessed US-Iran geopolitical risks. By July 15, the market consolidated above $4,000 an ounce despite failing to break through resistance at $4,100. However, gold fell below the $4,000 level on July 17, marking its first daily close below this threshold since November 2025.

Oil and Gas Prices Hold Key Technical Supports Amid Resilient Demand

Oil and natural gas prices maintained key technical support levels throughout July, driven by resilient demand and elevated refinery activity. WTI and Brent crude consistently defended higher support levels, reaching $79.57 and $84.76 respectively by July 14. Meanwhile, natural gas sustained its upward channel structure despite price fluctuations, as U.S. crude inventories remained near minimum operating levels due to firm demand for refined products.

Gold Prices Slip Amid Growing Uncertainty Over Fed Policy Path

Gold prices initially declined due to uncertainty over Federal Reserve policy decisions before stabilizing as investors awaited meeting minutes. While geopolitical risks in Iran supported gold's safe-haven appeal, prices later leveled off following a rally driven by inflation data. However, Fed official Christopher Waller expressed reservations regarding the anticipated pace of future interest rate cuts.

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Fading·15 days ago

Commodities

Silver Gains Momentum Ahead of FOMC Minutes as Rate Hike Odds Fade

Silver prices (XAGUSD) experienced fluctuations in July driven by shifting interest rate expectations. On July 6, the outlook improved as a weak jobs report lowered the odds of a rate hike. However, by July 14, silver prices declined as surging oil prices increased the probability of further interest rate hikes by the Federal Reserve.

EIA Lowers Global Oil Supply Growth Forecasts for 2026-2027

On July 3, energy market research organizations began recalibrating global oil supply forecasts for 2026 and 2027. The U.S. Energy Information Administration (EIA) sees much slower global supply growth due to Hormuz-related uncertainty. On July 7, U.S. tech futures and global AI stocks weakened following earnings results from Samsung Electronics. Global oil prices rose following reports of ship attacks near the Strait of Hormuz.

India Fast-Tracks State Divestments to Offset Oil Price Shock

The Indian government plans to sell stakes in 8 state-owned companies, including major insurers and banks, to raise billions of dollars. This move aims to plug the fiscal gap caused by the oil shock following the closure of the Strait of Hormuz. The government also plans to sell up to a 5.04% stake in Cochin Shipyard through an Offer for Sale. Additionally, India has scrapped import duties on some parts used to make mobile phones and other electronic devices, which previously stood at 5% and 7.5%.

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