March 25, 2026
Market Overview
Markets are poised for a stronger open following yesterday’s weakness, with futures pointing higher as risk sentiment improves. Reports suggesting potential progress in Iran-related peace talks are helping ease immediate geopolitical concerns, even as conflict in the region continues and the Strait of Hormuz remains largely restricted.
This shift toward a “risk-on” environment is pressuring oil prices and Treasury yields lower, while supporting equities—particularly in the metals and mining space. Gold and silver equities are leading pre-market gains, reflecting continued investor interest in hard assets amid ongoing uncertainty.
Metals Snapshot
| Commodity / Index | Price | Daily Move | Monthly | YTD |
|---|---|---|---|---|
| Gold | $4,580.70/oz | +4.1% | +12.3% | +5.5% |
| Silver | $73.35/oz | +5.4% | +19.7% | +3.9% |
| Copper | $5.55/lb | +1.7% | +8.3% | -2.4% |
| Nickel | $16,830/mt | -0.4% | -5.2% | +2.1% |
| Zinc | $3,037/mt | -0.1% | -9.4% | -0.9% |
| Aluminum | $3,242.50/mt | -0.3% | +4.4% | +9.3% |
| GDX (Gold Miners ETF) | $88.39 | +5.8% | +24.9% | -2.7% |
| GDXJ (Junior Miners ETF) | $116.12 | +5.8% | +25.7% | -3.5% |
| U.S. Dollar Index (DXY) | 99.31 | -0.1% | +1.6% | +1.0% |
| VIX (Volatility Index) | 25.20 | -6.4% | +40.4% | +68.4% |
Key Developments
In precious metals, project-level updates remain supportive for long-term supply growth. Pan American Silver outlined a robust economic outlook for its La Colorada project, highlighting strong projected returns and a long mine life. Exploration activity also remains active across North America, with drilling programs underway in both Nova Scotia and Ontario.
In base metals and critical minerals, Energy Fuels marked a notable milestone by producing high-purity terbium oxide domestically—an important step toward strengthening U.S. rare earth supply chains. Meanwhile, lithium supply agreements continue to expand globally, reflecting strong demand tied to electric vehicles and battery production.
On Deck
Key economic data this week includes U.S. trade-related price data, jobless claims, and consumer sentiment, all of which could influence broader market direction and commodity demand expectations.
Energy
Commodities Recap
Market Overview
Energy markets rallied strongly in the prior session, driven by escalating geopolitical tensions and concerns about supply disruptions. Oil prices surged as investors reacted to ongoing conflict in the Middle East and uncertainty around potential military escalation.
Volatility increased late in the session following mixed signals around a possible ceasefire, highlighting how sensitive markets remain to geopolitical headlines. Broader themes from industry conferences suggest limited near-term ability to increase production, reinforcing a structurally tight supply environment.
Natural gas prices also moved higher, supported by steady demand and lower production, though longer-term forecasts remain tempered by weather trends.
Equity Performance
Energy equities outperformed the broader market, with the sector posting solid gains despite a modest decline in the S&P 500. Strength was broad-based across exploration & production, integrated majors, and refining companies, with refiners leading the move higher.
Metals & Mining (Post-Market – March 24, 2026)
Market Overview
Equity markets ended lower in another volatile session, as geopolitical tensions and mixed economic signals weighed on sentiment. Precious metals were mixed, reflecting competing forces of safe-haven demand and a stronger U.S. dollar.
The combination of rising volatility and ongoing conflict continues to support interest in defensive assets, though price action remains uneven day-to-day.
Metals Snapshot
| Commodity / Index | Price | Daily Move | Monthly | YTD |
|---|---|---|---|---|
| Gold | $4,403.70/oz | -0.1% | +14.5% | +1.9% |
| Silver | $69.67/oz | +0.4% | +19.7% | -0.5% |
| Copper | $5.46/lb | -0.3% | +8.6% | -4.6% |
| Nickel | $16,900/mt | +0.8% | -3.9% | +2.5% |
| Zinc | $3,040/mt | -0.8% | -9.3% | -0.8% |
| Aluminum | $3,251.50/mt | -2.3% | +5.7% | +9.6% |
| GDX | $83.50 | +0.1% | +24.7% | -2.8% |
| GDXJ | $109.79 | -0.2% | +25.2% | -3.3% |
| U.S. Dollar Index (DXY) | 99.41 | +0.5% | +1.5% | +1.0% |
| VIX | 26.87 | +2.8% | +35.1% | +76.6% |
Key Developments
Company-specific news continues to drive differentiation within the sector. M&A activity, exploration updates, and resource expansion announcements remain active, particularly across gold and copper developers.
At the same time, analyst upgrades in the silver and gold space reflect improving sentiment toward select producers, while volatility in underlying commodity prices continues to shape near-term performance.
Bottom Line
Markets remain highly sensitive to geopolitical developments, particularly surrounding Iran and broader Middle East tensions. While signs of potential diplomatic progress are improving near-term sentiment, ongoing conflict and supply disruptions continue to create volatility across both energy and metals markets.
For investors, this environment reinforces the importance of diversification, with commodities and related equities continuing to play a key role as both a hedge against uncertainty and a source of opportunity.
