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Commodities
Gold prices rise after banner year
Gold prices increased during Friday’s Asian session following a 65% surge across 2025. Spot gold was up 1.1% to US$4,374.84 per ounce by 3:15 pm AEDT. Last year, gold prices saw their largest annual gains since 1979, and reached $4,500 for the first time. Silver prices rose 3.1% to $73.48, after posting their largest-single day decline in almost five years on Monday (Tuesday AEDT). Silver prices rose by around 145% across 2025. Gold and silver prices were buoyed in 2025 by central banks’ gold purchases, as well as financial and geopolitical turmoil sending buyers towards safe-haven assets. Markets are expecting the Federal Reserve to announce additional interest rate cuts in 2026, further lifting prices. The Fed last lowered rates by 0.25% in December, its third cut of 2025. This week’s silver sell-off was “largely technical: early profit-taking on precious metals’ recent spike, leveraged long positions being unwound, and tighter margin requirements adding pressure,” according to Pepperstone strategist Dilin Wu. Gold prices similarly slipped by more than 4% on Monday. The sell-off also followed CME Group’s decision to raise margin requirements for some metals futures contracts, which took effect on Monday.
Commodities
Oil prices up after falling 20% across 2025
Oil prices rose during Friday’s Asian session to begin trading in 2026 after falling steeply across 2025. Brent crude prices were up 0.4% to US$61.06 per barrel by 2:20 pm AEDT, while West Texas Intermediate rose 0.4% to $57.62. Prices fell by almost 20% in 2025, the largest annual decline since 2020. Brent crude began 2025 at roughly $74 per barrel. “Global crude oil production rebounded in 2025, growing by an estimated 2.2 million b/d overall, with 1.7 million b/d of growth from non-OPEC+ countries,” wrote the U.S. Energy Information Administration (EIA). Oil prices have declined amid a series of OPEC production hikes, rising offshore output in South America, and low demand in China. Worldwide crude oil production will rise by around 800,000 barrels per day in 2026, the EIA has projected. JPMorgan Chase analysts have predicted that Brent crude prices will decline to $58 per barrel in 2026, and could fall into the $30-40 range by the end of 2027. Meanwhile, the U.S. imposed a new slate of sanctions on oil tankers and traders operating in Venezuela on Wednesday. The sanctioned tankers had transported Venezuelan oil to countries in Asia and the Caribbean during 2025. The sanctioned oil tanker Bella 1, which
Commodities
Commodities Outlook 2026: AI boom to fuel energy spend
The commodities landscape has transitioned from a speculative "green transition" narrative into a raw, structural supercycle of supply versus demand led by the growing artificial intelligence boom. Easy gains from the early 2020s have been replaced by acute supply-side fragility and a relentless demand pull from two primary forces: Massive electrification of the global energy grid, andExponential power requirements of the accelerating AI revolution.2026 also represents a pivotal juncture where the "lost years" of consolidation for the nuclear sector are ending and the "de-dollarisation" trade for bullion is simultaneously entering a more aggressive phase of institutional adoption. From the depths of the Kazatomprom production cuts, to persistent supply deficits in the red metal, the theme this year is becoming ever more clear: Supply can no longer keep pace with the mission-critical needs of the 21st century.Uranium: Beyond the "lost year"While 2025 was defined by range-bound spot prices that many analysts dubbed a "lost year" for yellowcake, underlying fundamentals have tightened to a breaking point. The focus has shifted from spot market volatility into a long-term contracting cycle that utilities can no longer afford t
Commodities
Gold slips from US$4,350 level amid profit taking
Gold prices slipped on Wednesday, after climbing above the US$4,350 level as expectations of future United States interest rate cuts and persistent geopolitical tensions continued to support demand for the safe-haven asset. The precious metal has surged about 65% over the course of the year and is on track to post its strongest annual gains since 1979. By 4:10 pm AEDT (5:10 am GMT), spot gold had eased 0.2% to US$4,333.00 per ounce, as some investors locked in profits following the recent advance. Silver prices also tumbled 5.9% to $71.62/oz. Gold’s rally has been underpinned by growing expectations that the U.S. Federal Reserve could begin cutting interest rates again in 2026. Lower rates reduce the opportunity cost of holding non-yielding assets such as gold, making the metal more attractive to investors. Geopolitical risks have also remained a key driver. Ongoing tensions between Israel and Iran, along with continued friction between the United States and Venezuela, have reinforced safe-haven demand. However, some factors could limit further upside. The Chicago Mercantile Exchange’s decision to raise margin requirements on gold and silver futures may encourage profit-taking and portfolio rebalancing heading
Commodities
Oil edges higher as Brent faces record annual losses
Oil prices traded modestly higher during Wednesday’s Asian session, even as Brent crude headed for its longest stretch of annual losses on record, in a year during which global supply consistently outpaced demand. By 3:50 pm AEDT (4:50 am GMT), Brent crude futures for March were up 25 cents, or 0.4%, at US$61.58 per barrel. U.S. West Texas Intermediate crude also gained 24 cents, or 0.4%, to US$58.19 per barrel. Despite the uptick, crude prices have suffered heavy losses throughout 2025, driven by persistent concerns over a supply surplus. A key factor has been OPEC+’s decision to gradually unwind production cuts that had supported prices in previous years. After restraining output through much of 2023 and 2024, the producer group eased voluntary curbs in 2025, adding supply to an already well-stocked market. The increase in OPEC+ barrels, combined with resilient non-OPEC production and slower-than-expected global demand growth, weighed heavily on prices over the course of the year. Investors are now turning their attention to an OPEC+ meeting scheduled for 4 January, to be held via video conference, where producers are expected to review market conditions and discuss output policy for early 2026.

Commodities
Gold stabilises after precious metals pull back
Gold prices traded slightly higher during the Asian session on Tuesday after a sharp pullback across the precious metals complex overnight, as investors booked profits following recent rallies that pushed several metals to record levels. By 3:55 pm AEDT (4:55 am GMT), spot gold was up 0.7% at US$4,363.25 per ounce, rebounding after a 4.4% retreat from record highs of US$4,549.71 on Monday. Other precious metals also recovered from steep losses in the previous session. Platinum jumped 3.1% to US$2,163.63 per ounce after plunging 13.5% on Monday, while silver gained 3.3% to US$74.31 per ounce following a 9.5% sell-off. Gold has surged around 65% so far this year, supported by strong investor demand and heightened geopolitical uncertainty. Platinum and palladium are also on track to post solid annual gains, while silver has significantly outperformed, rising about 147% year to date. Silver’s strong performance has been driven by its growing status as a critical mineral, ongoing supply shortages and rising industrial and investment demand. Geopolitical tensions remained elevated after the Kremlin said President Vladimir Putin told U.S. President Donald Trump on Monday that Russia would review its position in peace negot
Commodities
Oil prices slip; Russia-Ukraine tensions in focus
Oil prices ticked lower during Asian deals on Tuesday, easing from gains of over 2% in the previous session, even as escalating Russia-Ukraine tensions kept supply disruption fears in focus. By 3 pm AEDT (4 am GMT), Brent crude futures for March delivery were down 6 cents, or 0.1%, at $61.43 per barrel, while U.S. West Texas Intermediate crude also eased 6 cents, or 0.1%, to $58.02 per barrel. Both benchmarks had settled 2.1% and 2.4% higher, respectively, in the previous session after Moscow accused Kyiv of targeting President Vladimir Putin’s residence, stoking concerns about potential supply disruptions. Ukraine has dismissed Russia’s accusation as baseless, saying it was designed to undermine peace negotiations. Despite the modest pullback, analysts said escalating geopolitical tensions could revive fears of supply disruptions and place renewed upward pressure on oil prices. Traders also remained focused on developments in Venezuela after President Donald Trump claimed an attack had been carried out on an alleged drug-loading dock. Data from TankerTrackers.com suggests that nearly US$900 million (A$1.35 billion) worth of Venezuelan crude is currently stranded on tankers due to U.S. naval enforcement. “Base
Commodities
Gold, silver ease from records amid profit-taking
Gold and silver spot prices retreated on Monday, with silver trading lower after breaching the $80-per-ounce level earlier in the session and gold easing from near record highs, as investors booked profits and a cooling in geopolitical tensions dampened safe-haven demand. By 3:25 am AEDT (4:25 am GMT), spot gold was down 0.5% at $4,512.81 per ounce, after reaching a record high of $4,549.71 on Friday. Spot silver held onto gains, up 0.6% to $79.55 per ounce, but easing from an all-time high of $83.62 touched earlier in the day. Sentiment was weighed by signs of progress towards a potential peace deal in Ukraine. U.S. President Donald Trump said on Sunday that he and Ukrainian President Volodymyr Zelenskyy were “getting a lot closer, maybe very close” to an agreement to end the war. Despite the pullback, silver has dramatically outperformed gold this year, gaining 181% year-to-date. The rally has been driven by its designation as a critical U.S. mineral, persistent supply constraints and low inventories amid strong industrial and investment demand. Gold has also enjoyed a stellar run in 2025, climbing 72% so far and repeatedly setting new record highs. The precious metal has been supported by expectations of fu
Commodities
Oil prices rise; Middle East risks offset supply fears
Oil prices advanced during Monday's Asian trade as investors weighed ongoing geopolitical tensions in the Middle East that could disrupt supply, while uncertainty persisted around efforts to end the war in Ukraine. By 2:50 pm AEDT (3:50 am GMT), Brent crude futures were up 56 cents, or 0.9%, at $61.20 per barrel. U.S. West Texas Intermediate crude gained 60 cents, or 1.1%, to $57.34 per barrel. The gains followed sharp losses late last week, with both benchmarks sliding more than 2% on Friday amid concerns over a looming global supply glut and optimism that progress could be made towards a peace agreement between Russia and Ukraine. Meanwhile, Yang An, a China-based analyst at Haitong Futures was quoted in this Reuters story as saying, "The Middle East has also been unsettled recently, with Saudi air strikes in Yemen and Iran saying the country is in a 'full-scale war' with the U.S., Europe, and Israel. This may be what's driving market concerns about potential supply disruptions." U.S. President Donald Trump said on Sunday that negotiations with Ukrainian President Volodymyr Zelenskyy were advancing, though key issues remain unresolved. Trump said he and Zelenskyy were “getting a lot closer, maybe very close” to an