*MORNING COMMODITY BRIEF* — September 8, 2026
COMMODITIES
* Gold: $4,429.71 (+0.53%) — rebounds above $4,400 as the softer dollar provides support, though higher oil prices and rising rate expectations remain headwinds.
* Silver: $66.76 (+0.88%) — moves back above $66, supported by the weaker dollar despite concerns over tighter monetary policy.
* WTI Crude: $92.75 (+1.39%) — climbs above $92 to a three-month high as uncertainty around the Strait of Hormuz keeps geopolitical risk elevated.
* Natural Gas: $2.94 (-0.88%) — slips despite stronger cooling demand and rising LNG exports, with ample domestic supply limiting upside.
* Copper: $14,586.00 (+0.48%) — reaches another record high as tight near-term supply, tariff expectations and improving Chinese demand support prices.
* U.S. Dollar Index: 98.80 (-0.35%) — extends its decline as the yen strengthens on expectations of tighter Bank of Japan policy and continued carry-trade unwinding.
WATCH TODAY (IST)
* 15:30 IST — U.S. NFIB Small Business Optimism (Aug) | Forecast: 99.2 | Previous: 99.8
* 17:45 IST — U.S. ADP Employment Change Weekly | Previous: 11.80K
* 19:30 IST — U.S. CB Employment Trends Index (Aug) | Previous: 107.71
* 20:30 IST — U.S. NY Fed 1-Year Consumer Inflation Expectations (Aug) | Previous: 3.60%
TOP COMMODITY NEWS
* Gold rebounds toward $4,425 as the weaker dollar provides support, but expectations of higher interest rates from major central banks continue to limit upside.
* Markets are pricing around a 60% probability of a 25-basis-point Fed rate hike next week following the stronger U.S. jobs report.
* Upcoming U.S. inflation data remains the key catalyst for gold and broader financial markets ahead of next week’s Fed meeting.
* The ECB and Bank of Japan are also widely expected to raise rates this month, reinforcing a more hawkish global monetary-policy backdrop.
* Silver rises above $66, benefiting from dollar weakness, although elevated oil prices continue to raise inflation concerns.
* WTI crude rises above $92 and reaches a three-month high as uncertainty surrounding Iran’s control of the Strait of Hormuz keeps the geopolitical premium elevated.
* Copper hits a record high for a second consecutive session, supported by tight supplies, potential U.S. tariffs on refined imports and expectations of stronger Chinese demand.
* Operational problems at major copper mines have raised concerns that global mined production could post its first annual decline since 2017.
* Natural gas remains above $2.90, with stronger cooling demand and rising LNG exports offset by plentiful domestic supplies.
MARKET THEME OF THE DAY
Weaker Dollar Supports Metals, While Oil Drives Inflation Risk
The softer U.S. dollar is providing a near-term tailwind for gold, silver and copper. However, the broader macro backdrop remains challenging for precious metals as markets increasingly price a potential Fed rate hike next week and other major central banks are also expected to tighten policy.
The key risk is inflation. Crude oil above $92, driven by uncertainty around the Strait of Hormuz, could add further pressure to global inflation expectations. This makes the upcoming U.S. inflation data particularly important for determining whether the recent rise in rate-hike expectations has further room to run.
Copper remains the strongest commodity, with record prices supported by tightening mine supply, potential U.S. tariffs and improving Chinese demand.
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1September 8, 2026 6.1K
