MORNING COMMODITY BRIEF — September 21, 2026
COMMODITIES
- Gold: $4,362.99 (-0.35%) — remains above $4,350 after two consecutive sessions of gains, supported by easing oil prices and reduced inflation concerns.
- Silver: $66.34 (+0.11%) — holds near $66 after three consecutive sessions of gains as softer energy prices improve the inflation outlook.
- WTI Crude: $93.89 (-2.28%) — falls below $94 and extends its decline as diplomatic efforts and expectations of recovering Saudi pipeline flows reduce supply concerns.
- Natural Gas: $2.87 (-1.37%) — declines as cooler weather expectations weigh on near-term demand.
- Copper: $14,557.30 (+0.03%) — remains firm as tightening supply, low inventories and improving demand support prices.
- U.S. Dollar Index: 100.01 (+0.08%) — remains broadly stable near recent highs as markets assess the Fed’s policy outlook.
WATCH TODAY (IST)
- 16:00 IST — U.S. Fed Goolsbee Speaks
- 17:00 IST — India Infrastructure Output (YoY) (Aug) | Previous: 5.40%
- 18:00 IST — U.S. Chicago Fed National Activity Index (Aug) | Previous: -0.08
TOP COMMODITY NEWS
- Gold holds above $4,350 after two consecutive sessions of gains as falling oil prices ease concerns over inflation and further interest-rate hikes.
- Silver remains firm near $67 and has gained for three consecutive sessions amid the softer energy-price backdrop.
- Crude oil falls for a fourth consecutive session as diplomatic efforts to resolve the Middle East conflict increase and concerns over prolonged supply disruptions ease.
- U.S. President Donald Trump indicated he may be open to meeting Iran’s president during the United Nations General Assembly this week.
- Saudi Arabia expects its East-West pipeline to restore around half of its capacity within days after being shut following drone attacks.
- The improving outlook for Saudi pipeline flows has reduced some of the geopolitical premium in crude, although continued Houthi attacks on energy infrastructure remain a risk.
- Markets are also watching several Federal Reserve officials speaking this week for further guidance following last week’s rate hike.
- Copper remains supported by expectations of tighter supply, lower inventories outside US and improving demand.
- Natural gas declines as cooler weather expectations weigh on power-sector demand.
- The combination of falling oil prices and lower inflation concerns is providing a more supportive near-term backdrop for precious metals.
MARKET THEME OF THE DAY
Falling Oil Reduces Inflation Pressure
The commodity market begins the week with a notable shift in the energy backdrop. WTI has fallen below $94 after four consecutive sessions of declines, as improving expectations for Saudi pipeline flows and renewed diplomatic efforts reduce concerns over prolonged supply disruptions.
Lower crude prices are easing inflation concerns and have provided support to gold and silver in recent sessions. However, gold is consolidating today after two consecutive gains, while the dollar remains around the 100 level.
The key focus this week will be comments from Federal Reserve officials following last week’s rate hike. Any indication that policymakers remain concerned about persistent inflation could support the dollar and yields, while a softer policy tone could provide further support to precious metals.
Copper continues to show relative strength as low inventories and constrained mine supply support the market, while natural gas remains pressured by cooler weather and weaker seasonal demand.
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