Morning Commodity Brief – August 13, 2026
Global commodity markets remained mixed overnight as gold held near record territory, crude oil corrected after a strong rally, and investors prepared for key U.S. inflation and labor market data due later today.
Global commodity markets remained mixed overnight as gold held near record territory, crude oil corrected after a strong rally, and investors prepared for key U.S. inflation and labor market data due later today.
Key Commodity Snapshot
- Gold: $4,409.29 (+0.02%) – Holding above $4,400 near a ten-week high.
- Silver: $65.37 (+0.04%) – Stable near elevated levels.
- WTI Crude Oil: $82.08 (-1.43%) – Profit booking after five consecutive sessions of gains.
- Natural Gas: $2.79 (-0.29%) – Traders await weekly storage data.
- Copper: $14,081 (-0.30%) – Pressure from signs of weaker Chinese demand.
- U.S. Dollar Index: 99.90 (Flat) – Limited movement ahead of major economic releases.
Major Events To Watch Today (IST)
- 18:00 IST: U.S. Producer Price Index (PPI) MoM (July)
Forecast: 0.20% | Previous: -0.30% - 18:00 IST: U.S. Initial Jobless Claims
Forecast: 202K | Previous: 199K - 18:00 IST: U.S. Core PPI MoM (July)
Forecast: 0.30% | Previous: 0.20% - 18:10 IST: FOMC Member Barkin Speaks
- 20:00 IST: U.S. Natural Gas Storage Data
Forecast: +31 Bcf | Previous: +33 Bcf
Gold Near Multi-Week High
Gold continues to trade above the psychologically important $4,400 mark after softer U.S. inflation data reduced expectations of aggressive Federal Reserve tightening.
U.S. CPI increased 3.4% year-on-year in July while monthly inflation rose only 0.1%, strengthening the view that inflation pressures may be moderating.
Market pricing currently implies roughly a 40% probability of a 25-basis-point Fed rate hike in September, lower than expectations seen earlier this week.
Crude Oil Pulls Back
WTI crude slipped below $83 per barrel, ending a five-session winning streak.
Traders are evaluating developments surrounding the Strait of Hormuz, one of the world's most critical oil shipping routes.
While geopolitical tensions remain elevated, the latest U.S. inventory data showed a massive 17.4 million barrel build in crude stocks, creating short-term pressure on oil prices.
Copper Faces Demand Concerns
Copper prices softened amid indications of slower Chinese demand.
The Yangshan copper premium declined to $96 per tonne from approximately $115 last month, suggesting softer import demand from the world's largest consumer of industrial metals.
Natural Gas Outlook
Natural gas remained range-bound as traders awaited the latest U.S. Energy Information Administration (EIA) storage report.
The market continues to balance adequate supply conditions against seasonal summer demand.
Market Focus For Today
The biggest trigger for global commodity markets will be the U.S. Producer Price Index data due later today.
A softer-than-expected inflation reading could support precious metals and increase expectations of a more accommodative Federal Reserve stance. Conversely, stronger inflation data may boost the U.S. dollar and create volatility across gold, silver, crude oil, and industrial metals.
Investor Takeaway:
Gold remains the strongest commodity trend currently, supported by easing inflation expectations and lower rate-hike probabilities. Crude oil remains highly sensitive to geopolitical headlines and inventory data, while copper traders continue to monitor China's economic momentum. Today's U.S. PPI release could become the key market-moving event across commodities.
Gold remains the strongest commodity trend currently, supported by easing inflation expectations and lower rate-hike probabilities. Crude oil remains highly sensitive to geopolitical headlines and inventory data, while copper traders continue to monitor China's economic momentum. Today's U.S. PPI release could become the key market-moving event across commodities.
Disclaimer: Commodity markets are subject to significant price volatility. This information is for educational and informational purposes only and should not be considered investment advice.
