COMMODITY MARKET (22nd Oct 2026)

Morning Commodity Market Snapshot

GOLD

Gold edged down approximately 0.70% to hover near $4,111, surrendering the previous session’s advance as escalating Middle East friction boosted crude oil and revived inflation worries. Oil rallied after a drone targeted Saudi Aramco’s Shaybah facility, prompting the United States to instruct select embassy staff and dependents to evacuate Saudi Arabia. On the monetary policy side, central banks are largely anticipated to stand pat in their upcoming meetings, with the US Federal Reserve, European Central Bank, and Bank of Japan projected to keep benchmark rates steady. Even so, traders continue to price in the possibility of a Fed tightening in December should elevated energy costs keep consumer prices high. From a technical perspective, bullion needs a sustained breakout above $4,150 to target the $4,210–$4,230 resistance band. Conversely, a drop under key support at $4,100 risks accelerating a decline toward the $3,980 mark.

SILVER

COMEX silver prices are seen trading down by 2.12% near the mark of $56, at the wee hours of the trading session on Thursday, amid escalation middle east tension, which has pushed oil prices higher toward the mark of $108. Though, FED is expected to keep interest steady in the coming week,as Kevin Warsh in its Friday’s speech hinted at a pause in interest scenario amid weak US economic numbers but for December the probability still stays elevated. On the technical front, if prices that manage to have daily closing above the mark of $58 threshold could clear a path for the metal to test $62/$65 in the coming sessions, but sustained trading below the mark of $56 could trigger a fall to the mark of $54/$52.

CRUDE

Brent crude rebounded toward $110, recovering earlier weekly declines following a fatal drone strike on Saudi Aramco’s Shaybah installation that left two dead. The attack highlighted deepening geopolitical instability across the Middle East, intensifying market anxiety over potential supply shocks. Concurrently, major Ukrainian drone barrages struck essential Russian petroleum facilities this week in a bid to disrupt Moscow’s diesel export expansion under the Trump-Putin pact. Despite these supply threats, upside pressure could face headwinds from accelerating Middle Eastern outflows, which are approaching pre-conflict volumes. Notably, Saudi crude exports surged 7.9% in August to notch their strongest mark since March, while Russia is scheduled to dispatch its inaugural diesel cargo to the United States on Thursday. Technically, CRude Oil’s bullish trend stays secure provided prices hold above pivotal support at $100.Consolidating above $106 preserves the momentum needed for another retest of the $110 resistance barrier.

Copper

Copper futures amid higher inflation numbers and expectation of interest rate hike have pushed copper prices down by 0.59% to settle at 1390, but still managed to stay above the mark of 1385, a psychological support. Tight supply and increasing demand is expected to provide support to the red metal. From a technical perspective, if prices maintained the levels above ₹1400, the pathway opened for a retest of ₹1407/₹1415. But a fall below the mark of ₹1,385 might trigger a short-term pullback, falling into the ₹1370 support level.

Commodity Levels:

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