Commodity wrap: Crude oil falls 3%, gold jumps 5% over the week; check key factors

Furthermore, Iranian attacks on Middle Eastern aluminium producers sent aluminium prices surging.

On the other hand, gold prices declined nearly 12% in March, marking their worst monthly drop since 2008. However, it surged over the week.

Global markets observed a trading holiday on April 3 on the occasion of Good Friday.

Crude oil

In the international market, Brent Crude oil futures (for June delivery) rallied as much as 8.48% to an intraday high of $109.74 per bbl on Thursday, April 2. The contract continued trading around the $100 per bbl on Thursday. Over the holiday-shortened week, Brent crude futures fell 3%.

The West Texas Index (WTI) crude contract (May expiry) advanced as much as % to Thursday’s high of $113.97 per bbl on the New York Mercantile Exchange. It has gained 12% in the past five days.

Crude oil prices surged as US President Donald Trump, in a national address on April 1, dashed hopes of a resolution for the conflict in West Asia.

Trump stated that the US is set to strike Iran “extremely hard” over the next two or three weeks. This comes after the US leader’s repeated statements seeking a near-term end to the conflict.

Crude oil prices have seen a boiling surge ever since the US and Israel attacked Iran on February 28, marking the beginning of not only the dynamic conflict in West Asia, but also the interlinked energy crisis.

Domestically, on the Multi-Commodity Exchange (MCX), crude oil contracts for April delivery advanced as much as 2.22% to a record high of ₹10,640 per bbl. The contract has gained nearly 11% over the week.

Aluminium

On April 2, the benchmark three-month aluminium contracts on the LME closed around the $3,468 level, but remained near its highest four-year high levels, as, according to global media reports, two Middle Eastern aluminium producers, Al Taweelah smelter of Emirates Global Aluminium and Aluminium Bahrain’s (Alba) facility, faced Iranian missiles and drone attacks on March 28, 2026, and underwent substantial damage.

According to news reports, the US President, under a new proclamation on Thursday, imposed steep tariffs on imports of steel, aluminium and copper. Most primary steel and aluminum imports will attract a 50% ad valorem duty, and certain derivative products will face a 25% tariff.

On the MCX, aluminium futures for expiry in April have gained more than 4% over the week.

Gold

Globally, over the past five days, the COMEX gold contract (April expiry) has surged 7%. The metal has fallen nearly 12% in March due to the conflict in West Asia, marking its worst monthly drop since 2008.

On April 2, COMEX yellow metal futures for June delivery declined as much as 4.83% to an intraday low of $4,580.40 per troy ounce, snapping a four-day winning streak, as US President Donald Trump curbed hopes of de-escalation in the US-Iran war. Over the week, it has advanced 5%.

On the MCX, while gold futures for expiry in June closed in the negative territory on the last trading day of the week, they ended 2% higher this week.