Gold and silver enter the week with a supportive macro backdrop after sharp volatility in long-dated US Treasuries strengthened demand for bullion. The 30-year Treasury yield initially surged above 5.3%, its highest since 2007, while the 10-year approached 4.75%, before the US Treasury announced plans to at least double liquidity-support buybacks of longer-dated securities. Yields subsequently fell sharply and the dollar weakened toward three-month lows, improving conditions for non-yielding precious metals. For 24–28 August, Treasury-market developments and Fed expectations should remain central. Markets have reduced expectations of an immediate September rate hike, while concerns surrounding US fiscal sustainability provide additional support. Continued US-Iran tensions, sanctions risks and uncertainty surrounding Hormuz should preserve safe-haven demand. Attention will remain on Fed communication; Treasury yields and the dollar for direction. WTI enters the week with US-Iran tensions and uncertainty surrounding the Strait of Hormuz remaining the principal geopolitical drivers. The interim understanding expired on August 17 without a longer-term agreement, while Washington maintained pressure on Tehran and prepared extensive new economic measures targeting Iranian banking, shipping and commercial networks. Iran has threatened retaliation if other countries cooperate with US measures, increasing uncertainty around Persian Gulf energy flows. Ukrainian strikes on Russian energy infrastructure add another supply-side risk, although Gulf producers continue adapting export logistics to maintain shipments. For 24–28 August, Hormuz vessel movements, sanctions implementation and US-Iran diplomacy will remain critical. Meanwhile, the 4.4-million-barrel increase in US crude inventories provides a fundamental counterweight to geopolitical risks. Alternative Gulf export routes and comfortable crude availability could limit supply concerns unless physical disruptions materially intensify. 

Gold 

Gold traded around $4,600 an ounce on Monday, holding near its highest level since mid-May, as concerns over US debt management and fiscal sustainability persisted after the Treasury unexpectedly ramped up buybacks of longer-dated government debt. The intervention pushed bond yields and the dollar lower, reviving the so-called debasement trade and strengthening demand for gold as an alternative store of value. Treasury Secretary Scott Bessent has signalled that further buybacks could follow and said the administration plans to soon introduce measures aimed at tackling borrowing costs, which are at their highest levels in years. Meanwhile, oil prices slipped but remained elevated, which could curb further gains by fuelling inflation and dampening expectations for interest-rate cuts. Markets now await the US announcement on additional sanctions against Iran. Gold has gained about 13% so far this month. 

Silver traded above $69 an ounce on Monday, hovering close to a two-month high, as concerns over US debt management and fiscal sustainability persisted after the Treasury unexpectedly ramped up buybacks of longer-dated government debt. The intervention pushed bond yields and the dollar lower, reviving the so-called debasement trade and supporting demand for precious metals, including silver. Treasury Secretary Scott Bessent has also signaled that further buybacks could follow and said the administration plans to soon introduce measures aimed at tackling borrowing costs, which are at their highest levels in years. Meanwhile, oil prices slipped but remained elevated, which could curb further gains by fueling inflation and dampening expectations for interest-rate cuts. Markets now await the US announcement on additional sanctions against Iran. Silver has gained about 18% so far this month.

Technical View: While supports hold at the $68/67(MCX:242650/239000) zone we can expect an up move to $78/79(MCX:278300/281700). Unexpected fall below $65.00(MCX:231850) could postpone the bullishness and drag prices lower to deeper supports at $61(MCX:217500)  

Crude oil slipped to around $86 per barrel following a sharp weekly rally, as investors took profits ahead of an expected announcement from Washington on additional sanctions against Iran. US Treasury Secretary Scott Bessent said Washington would impose the “toughest” sanctions in history, describing the measures as an unprecedented campaign of economic isolation designed to pressure Iran and its trading partners into compliance. The threat comes as tensions around the Strait of Hormuz remain elevated, with Iran still capable of disrupting shipping and energy infrastructure in the region. Tehran dismissed the sanctions threat, saying it could counter the measures’ effects while maintaining economic ties with other countries. Meanwhile, markets remain uncertain whether additional economic pressure would change Iran’s behavior, noting that the country still has significant capabilities to disrupt regional flows.

Technical View: Daily and weekly structures point toward intermediate objectives at 89.55/90.55(MCX:8585/8680), with strength to clear fractal resistance at 91.30(MCX:8755) toward 94.05(MCX:9015). Supports rest near 85.25/84.15(MCX:8170/8070). The key risk point lies at 83.45(MCX:8000), where a fall below this level will dent the bullish momentum and open scope to test deeper support at 81.75(MCX:7840).  

Copper falls in early Asian trade. The base metal remains a key focus as shifts in global inventories occur, with a surge in deliveries into LME warehouse helping to ease the market's acute tightness, ANZ Research writes in a note. However, concerns about tariffs could lead to the U.S. drawing additional copper from international markets ahead of time, ANZ adds. The three-month LME copper contract is 0.5% lower at $14,143.00 a ton.

Technical View: Price could likely edge lower to near term supports at 6.48/45(MCX:1371/1367). Charts indicate a test of the next upside objective at 6.85/90(MCX:1415/1422) while supports hold. Favored view is mildly bullish in the near term. Unexpected fall below 6.40(MCX:1360) critical trendline support can dampen our bullish expectations.