Gold, Crude Oil, Base Metals & Natural Gas Market Updates
🕗 Last Update: 3 November 2025, 7.30 PM
by Riteshkumar Sahu (riteshkumar.sahu@kotak.com), Abhijit Chavan (chavan.abijit@kotak.com)
💰 Gold, Crude & Commodities Outlook
Gold:
Gold prices hovered steady near Rs. 4,000 per gram (USD $4,000/oz) on Monday, supported by safe-haven demand even as a stronger dollar capped gains. The U.S. Federal Reserve’s recent 25 bps rate cut was offset by Chair Powell’s hawkish stance, tempering expectations of further easing in December.
Meanwhile, the Trump–Xi summit brought some relief to global trade sentiment, but China’s withdrawal of tax rebates on gold exports could dent physical demand.
Overall, gold is likely to remain range-bound near Rs. 4,000, with direction guided by upcoming U.S. data and Fed policy signals.
Crude Oil:
WTI crude rose to USD $61.50/barrel, after OPEC+ paused production hikes until April 2026 to balance global supply. While this move eased oversupply concerns, weak Asian factory data and record U.S. output at 13.8 million bpd limited gains.
Fresh U.S. sanctions on Russia’s oil majors added geopolitical uncertainty, but global inventories remain comfortable. Crude prices are expected to remain in a narrow range, with supply discipline offsetting weak demand.
Base Metals:
LME metals traded mixed — aluminium and zinc gained around 1%, while copper stayed flat amid weak Chinese factory data. The Yangshan copper premium slipped to $36/ton from $50, signalling slower demand.
Aluminium prices, however, continue to rise on tight Chinese supply and easing U.S.–China tensions.
Natural Gas:
U.S. natural gas December futures climbed above $4.26/MMBtu, their highest in seven months, supported by robust heating demand and strong LNG exports.
With colder weather ahead and record export flows of 16.6 bcfd, gas prices may stay elevated in the near term, though high production and storage could cap further upside.
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