Commodity markets are expected to remain volatile in Samvat 2083, driven by geopolitical tensions, global interest rates, and shifting supply-demand dynamics. Analysts highlight oil as a key influencer for Indian markets, with the World Bank predicting a decline from 2026's elevated averages. Brent crude is projected to fall 20%, but uncertainties could push prices higher, with forecasts ranging from $70 to $120 per barrel.
Navneet Damani of Motilal Oswal Financial Services anticipates some normalization in oil prices if US-Iran tensions ease, targeting Brent at $75-80 and WTI at $70. However, escalations before the January government change could trigger volatility. Vedika Narvekar of Anand Rathi Shares and Stock Brokers sees Brent trading between $80 and $110, influenced by supply risks and diplomatic efforts.
Gold is expected to be the steadiest commodity, supported by central bank purchases and fiscal uncertainties. Narvekar forecasts MCX gold between ₹1,30,000 and ₹1,75,000, with international prices reaching $4,900 by the end of 2027. Damani recommends accumulating gold on dips around $3,800-3,900, aiming for $4,200 short-term and $4,500-4,700 medium-term.
Silver, which dropped over 55% from its record highs in Samvat 2082, may remain volatile. Narvekar notes a supply deficit but cautions that solar thrifting and AI sentiment could push prices down to $45 if support at $48 breaks. A confirmed move above $60 could lift silver to $72.