Bullions counter may continue to move higher as it surged more than 18% so far this year, building on last year’s record rally, driven by a combination of factors such as rising geopolitical and economic uncertainty, expectations of U.S. interest-rate cuts and increased central bank purchases amid a global de-dollarization trend.
Commodity Morning Trading Guide
BULLIONS
- Bullions counter may continue to move higher as it surged more than 18% so far this year, building on last year’s record rally, driven by a combination of factors such as rising geopolitical and economic uncertainty, expectations of U.S. interest-rate cuts and increased central bank purchases amid a global de-dollarization trend. Overall Gold (Apr) can move in range of 167000-173000 while silver (Mar) can move in range of 372000-385000.
- Markets are focused on the U.S. Federal Reserve’s two-day policy meeting starting Tuesday, with interest rates expected to be unchanged and investors watching Fed Chair Jerome Powell’s press conference on Wednesday amid mounting worries about the central bank’s independence.
- CME Group said on Tuesday that its metals complex reached a single-day record of 3,338,528 contracts on January 26, surpassing the previous record of 2,829,666 contracts set on October 17, 2025.
BASE METALS
- In base metal counter, Copper (Feb) prices can trade on upside path as it can move in range of 1310-1330. Grupo Mexico opens new tab, one of the world’s largest copper producers, nearly doubled its fourth-quarter net profit on higher metals prices and stronger volumes, it said on Tuesday, more than offsetting weaker infrastructure results tied to suspended oil platforms and foreign-exchange headwinds.
- Aluminum (Feb) prices can trade on upside path as it may move in range of 317-324.while Zinc (Feb) may move on volatile path as it may trade in range of 321-333. Aluminum prices settled modestly higher by 0.33% at 316.25, supported by a weaker U.S. dollar and strength across the broader base metals complex. The dollar was on track for its steepest weekly decline since June, as geopolitical tensions and abrupt policy signals around Greenland unsettled investor sentiment.
ENERGY
- Crude oil (Feb) may trade on upside path as it can move in range of 5650-5830. Oil prices settled 3% higher on Tuesday as producers reeled from a winter storm that hobbled crude production and drove U.S. Gulf Coast crude exports to zero over the weekend.
- U.S. oil producers lost up to 2 million barrels per day or roughly 15% of national production over the weekend, analysts and traders estimated, as a severe winter storm swept across the country, straining energy infrastructure and power grids. Meanwhile, OPEC+ is set to keep its pause on oil output increases for March at a meeting on February 1.
- Natural gas (Feb) may remain on lower path as it can move in range of 340-360. US natural gas prices retreated in thin trading after forecasts turned modestly warmer, easing back from a historic rally that had been driven by extreme cold, surging heating demand, and widespread supply disruptions.
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