Commodity markets showed mixed trends on Friday, with precious metals rebounding while crude oil prices declined amid signs of temporary easing in geopolitical tensions.
Silver surged 2.00% to Rs 2,24,276, while gold rose 1.13% to Rs 1,41,076, recovering from the sharp sell-off seen in the previous session. The rebound comes after US President Donald Trump postponed the deadline for Iran to reach a deal, easing immediate concerns around escalation.
Copper also gained 0.78% to Rs 1,147.80, while zinc rose 0.74% to Rs 312.15, indicating mild strength across base metals. Aluminium traded slightly higher by 0.40% at Rs 337.50.
On the other hand, crude oil prices declined, with domestic crude down 1.52% to Rs 8,862. Natural gas also slipped 1.55% to Rs 278.6 in early trade.
Globally, oil prices weakened after Trump indicated a temporary pause in targeting Iran’s energy infrastructure, with WTI crude trading around $92.80 per barrel (-1.8%) and Brent crude near $105.85 per barrel (-2.0%).
The easing in oil prices comes despite continued uncertainty, as Iran has reportedly rejected a US proposal to end the conflict while negotiations remain ongoing.
Precious metals, however, found support after Thursday’s sharp decline of over 4% in silver, as investors reassessed geopolitical risks and inflation expectations tied to energy prices.
Overall, the commodity market reflects a cautious sentiment, with investors balancing geopolitical developments and central bank outlooks.
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