Oil Prices Today: Crude Set for Weekly Gains; Gold Extends Losses | Commodity Markets Today

Commodity markets traded mixed on Friday, with crude oil holding on to most of this week's gains as supply concerns kept prices elevated, while gold and silver remained under pressure amid a stronger US dollar and higher Treasury yields.

Crude oil retained most of this week's gains on Friday even as prices eased in early trade, with supply concerns continuing to underpin the market after attacks on shipping in the Red Sea.

Precious metals moved the other way. Gold and silver stayed under pressure after stronger US economic data boosted the dollar and Treasury yields, prompting investors to trim exposure to bullion.

Oil Prices Hold Near Weekly Highs

Brent crude was trading at $99.97 a barrel, down 0.72%, while US West Texas Intermediate (WTI) slipped 0.76% to $91.49 a barrel.

The pullback did little to change the weekly picture. Brent was still headed for a gain of about 13.5%, while WTI was on track to rise nearly 11%, marking one of the strongest weekly advances in recent months.

On MCX, crude oil settled 7.3% higher at ₹9,024 per barrel in the previous session.

The rally gathered momentum after Yemen's Houthi rebels claimed attacks on Saudi-linked oil tankers in the Red Sea, raising concerns over crude shipments through one of the world's busiest trade routes. Investors also kept a close watch on developments in West Asia after fresh warnings from the United States over attacks on commercial vessels added to supply worries.

Gold Remains Under Pressure

Gold prices extended their decline after a sharp fall in the previous session. The move followed another set of firm US economic data. Initial jobless claims fell to 187,000 from 209,000, reinforcing expectations that the Federal Reserve may not rush to lower interest rates.

Higher yields and a stronger dollar typically weigh on bullion because they increase the opportunity cost of holding non-interest-bearing assets.

Spot gold hovered around $4,050 an ounce, while MCX gold ended the previous session 1.96% lower at ₹1,42,821 per 10 grams.

Investors will now watch the release of S&P Global Flash PMI data and New Home Sales figures later in the day for fresh direction.

Looking for today's city-wise bullion prices? Check our latest Gold Rate Today and Silver Rate Today pages.

Silver Slides Alongside Gold

Silver traded around $57.62 an ounce after dropping more than 3.5% in the previous session. On MCX, silver settled 3.36% lower at ₹2,19,375 per kg.

Despite geopolitical tensions, safe-haven buying remained limited. Instead, markets focused on the prospect of US interest rates staying higher for longer, supporting both the dollar and Treasury yields.

Technical Levels to Watch

Kotak Neo Commodity Research expects MCX Gold (August) to trade in the ₹1,41,120-₹1,43,730 range with a sideways-to-bearish bias, while MCX Silver (September) is seen moving between ₹2,22,095 and ₹2,33,020. MCX Crude Oil (August) is likely to trade in the ₹8,625-₹9,250 band, whereas MCX Copper (August) is expected to remain in the ₹1,304.60-₹1,331.60 range. Immediate support for MCX Gold August is placed at ₹1,41,395, with resistance at ₹1,42,943 and ₹1,43,421. For MCX Crude Oil August, support is seen at ₹8,757, while resistance is placed at ₹9,031 and ₹9,116.

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