Commodity Markets Update

Advisory Bazaar Info Services | July 29, 2026

Commodity markets are expected to remain volatile today as investors await the US Federal Reserve’s interest rate decision and fresh geopolitical developments.

Base Metals

Copper is expected to trade with a weak bias in the ₹1,314–1,330 range. Although Chile has raised its 2026 average copper price forecast to US$5.90 per pound, lower production from major mines continues to raise supply concerns.

Aluminium is also expected to witness subdued trading, with prices likely to remain in the ₹330–340 range.

Bullion

Gold and silver are expected to trade with a mixed tone as traders remain cautious ahead of the Federal Reserve’s policy announcement and comments from Fed Chair Kevin Warsh.

Gold (October): ₹1,42,000–1,44,000

Silver (September): ₹2,12,000–2,22,000

According to the FedWatch Tool, markets are pricing in a 70% probability that the Fed will keep interest rates unchanged at this meeting, while the probability of a 25-basis-point hike stands at 30%. For September, the probability of a rate increase is estimated at 76%.

Energy

Crude oil is expected to remain firm, trading in the ₹7,800–8,100 range, supported by rising geopolitical tensions in the Middle East and a decline in US crude oil inventories.

Natural gas is likely to remain under pressure, with prices expected to trade in the ₹252–268 range.

Outlook

The US Federal Reserve’s policy decision, geopolitical developments, and energy market trends will be the key factors influencing commodity prices today. Traders are advised to remain cautious ahead of these major market-moving events.