US-Iran Truce Uncertainty Keeps Precious Metals Trading on Edge

The fragile US-Iran truce has left precious metals trading within a range due to ongoing uncertainty, according to market and commodities experts.

Crude oil prices plummeted after the ceasefire announcement but later recovered. Brent crude is currently trading at USD 91.93 per barrel, while US crude stands at USD 84.77 per barrel.

Anindya Banerjee, Head of Commodity and Currency Research at Kotak Securities, said the market viewed the truce as a pause rather than a deal. He added that the physical oil market has not improved, leaving it vulnerable to a sharp snapback if the truce frays.

Banerjee predicts Brent crude will find key support at USD 89-90 per barrel and immediate trading range at USD 92-95. A move above USD 101 would signal a return of the uptrend for Brent crude.