Commodity markets open the July 24, 2026 session on a cautious note. Futures point to relative stability in gold alongside downward pressure on oil amid improving supply and geopolitical easing. Agricultural commodities face typical seasonal harvest dynamics.
Gold: Holding Elevated Levels
Spot gold trades around $4,035 per ounce within a $4,023–$4,124 intraday range. After earlier 2026 highs above $5,000, prices have consolidated through July. Analysts note sustained central-bank buying and inflation-hedge demand continue to underpin current levels, though late-2026 forecasts range widely between $4,500 and $6,000.
Oil: Price Pressure Persists
WTI futures hover near $91–92 per barrel while Brent approaches $98. Crude prices dropped sharply in July following increased supply and the Middle East ceasefire. Traders are watching IEA and CME reports ahead of the US cash open.
Agricultural Commodities: Harvest Season Underway
- Corn: ~$4.66/bushel
- Soybeans: ~$12.45/bushel
- Wheat: ~$7.05/bushel
Markets contend with seasonal harvest pressure, partially offset by tighter wheat supplies due to lower U.S. winter wheat production. Broader ag indices show resilience but point to modest annual declines in some forecasts.
Bottom Line
With the US open still hours away (16:30 Israel time), commodity futures signal a measured session. Participants will monitor macro data releases and flow updates throughout the day.
