Global commodity markets swung sharply on March 26, 2026, with both precious metals and energy prices weakening, as the evolution of geopolitical conflicts became the key variable affecting market trends.

Spot gold tumbled in volatile trading, breaking key levels of $4,520/oz and $4,500/oz successively, falling 1.03% to $4,451.08/oz intraday. New York gold futures also widened losses, sliding 1.43% to below $4,530/oz, after hitting a high of $4,600/oz earlier. Analysts attributed the correction to easing safe-haven demand amid expectations of a de-escalation in Middle East tensions, coupled with a stronger US dollar. However, stubborn global inflation and lingering geopolitical uncertainties continue to underpin gold prices in the long run.

International oil prices also came under pressure. WTI crude futures fell 1.36% to $91/barrel, while Brent crude dropped 2.18% to $98/barrel. Oil prices had jumped earlier following the conflict between Iran and Israel, but retreated as markets assessed signs of de-escalation. Still, the potential disruption to energy supplies via the Strait of Hormuz, a global energy shipping chokepoint, limits the downside room for oil prices.

Precious metals showed internal divergences: spot silver rose 0.25% to break above $72/oz, while New York silver futures fell 1.52%. US stocks closed higher on Wednesday, with the Dow Jones rising 0.66%, the S&P 500 up 0.54% and the Nasdaq gaining 0.77%, driven by materials and consumer discretionary sectors. Airlines and cruise operators rallied on lower oil prices.

Industry insiders warned that commodity markets are facing increased volatility, driven mainly by short-term sentiment. Investors need to watch inflation trends, Federal Reserve monetary policies and geopolitical developments for long-term guidance, and guard against short-term price fluctuations to avoid blind chasing or selling.