Morning commodity context covering Gold, Silver, Crude Oil, Natural Gas, Copper and Zinc, based on Friday’s completed MCX/global session and the latest weekend macro and geopolitical developments.
Friday MCX Commodity Scorecard
| Commodity | 21 Aug Close | Day Change | Monday Context |
|---|---|---|---|
| Gold | ₹1,59,991 / 10g | +1.24% | Firm precious-metal backdrop; global gold also surged Friday |
| Silver | ₹2,47,612 / kg | +1.27% | Firm but volatility risk remains high after a strong weekly move |
| Crude Oil | ₹8,353 / bbl | +0.61% | Supported by Iran/Hormuz supply-risk premium; highly headline-sensitive |
| Natural Gas | ₹266.40 / mmBtu | +2.03% | Strong Friday bounce; still a high-volatility contract |
| Copper | ₹1,384.15 / kg | +0.91% | Positive Friday close; China/global growth cues remain important |
| Zinc | ₹407.10 / kg | +1.23% | Positive Friday close; industrial-demand cues remain relevant |
Global Commodity Cues
| Global Cue | Latest Completed Reading | MCX Relevance |
|---|---|---|
| Spot Gold | About $4,623.94/oz • +2.4% Friday | Three-month high; weaker dollar and fiscal/geopolitical concerns supported bullion |
| Global Silver | About $69.62/oz • +2.3% Friday | Positive precious-metals confirmation |
| Brent Crude | $94.39/bbl • +0.65% Friday | Elevated supply-risk premium linked to Iran/Hormuz |
| WTI Crude | $87.06/bbl • +0.26% Friday | Sixth consecutive daily rise reported Friday |
| U.S. Dollar | Weaker over the week | Generally supportive for dollar-denominated precious metals |
| U.S. 10-Year Yield | Around 4.7%–4.74% | Elevated yield remains a competing pressure for non-yielding metals |
Weekend Energy & Geopolitical Watch
The most important weekend commodity driver remains the Iran–U.S. confrontation. Washington signalled tougher sanctions against Iran and its trading partners, while Tehran rejected the pressure. The Strait of Hormuz remains a central supply-risk issue. Pakistan’s army chief is expected in Tehran on Monday for mediation-related talks.
Any escalation or tighter enforcement around Iranian trade can add supply-risk premium. Conversely, credible de-escalation headlines could remove some of that premium quickly.
Gold is balancing three strong influences: geopolitical demand, a softer dollar, and still-elevated U.S. long-term yields.
Commodity-by-Commodity Morning Context
Gold
Friday’s MCX gain was confirmed by a strong global bullion move. Watch whether international gold remains firm once Monday liquidity returns.
Silver
Silver joined gold’s Friday strength and global silver also advanced. Strong recent movement increases the possibility of wider intraday swings.
Crude Oil
Iran/Hormuz supply concerns remain the dominant driver. Crude may react more to geopolitical headlines than to ordinary technical signals at the open.
Natural Gas
Natural Gas closed Friday higher by about 2%. Contract-specific expiry/roll activity and weather/storage expectations can create sharp movement.
Copper
Copper ended Friday positive, but Monday follow-through depends heavily on China/Asia industrial sentiment and the dollar.
Zinc
Zinc also closed higher Friday. Base-metal participation should be read alongside copper and broader China-linked risk sentiment.
Contract & Expiry Awareness
Near-dated MCX options/contract expiries can increase rollover activity and produce price/volume behaviour that is not purely directional. Silver Mini, Copper and Natural Gas have 24 August expiry-related activity noted in market calendars. Always verify the active contract before comparing prices or open interest.
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