Selling pressure returned to the global commodities market during yesterday's session (October 7). Prices for precious metals and crude oil fell across the board, dragging the MXV-Index down 0.1% to 2,932 points.
According to the Mercantile Exchange of Vietnam (MXV), two crude oil benchmarks drew particular investor attention: Brent crude fell 0.38% to $100.20 per barrel, while WTI crude dropped 1.3% to $88.28 per barrel.
Oil prices faced downward pressure as oil exports from the Middle East showed signs of recovery following a period of disruption.
Data from Vitol indicates that, over the preceding seven-day period, approximately 12 million barrels of crude oil and 2 million barrels of oil products were shipped out of the Middle East daily.
Flow tracking data for the Strait of Hormuz shows that oil volumes have rebounded to around 14.2 million barrels per day, equivalent to roughly 80% of pre-conflict levels.
In Saudi Arabia, the East-West pipeline is seeing a strong recovery; throughput has risen to approximately 5.8 million barrels per day, up from around 3.5 million barrels per day during the initial restoration phase.
According to JPMorgan, Middle Eastern crude oil exports have recovered to about 17.5 million barrels per day, or 98% of pre-conflict levels. However, the flow of oil products has only recovered to around 3 million barrels per day, representing 58% of pre-conflict levels.
In addition to the supply recovery, a weaker demand outlook is also exerting further pressure on oil prices. The U.S. Energy Information Administration (EIA) projects global demand for oil and liquid fuels to reach approximately 102.4 million barrels per day in 2026—down from 104.4 million barrels per day in 2025—before rebounding to 104.6 million barrels per day in 2027.
However, U.S. commercial crude oil inventories fell by approximately 3.2 million barrels during the week ending October 2, defying market expectations of an increase.
According to MXV, oil prices rebounded on the morning of October 8; Brent crude briefly surpassed $101 per barrel, while WTI rose toward the $89-per-barrel mark.
In the metals market, the precious metals sector also faced significant selling pressure during yesterday's trading session.
According to MXV data, gold prices fell 1.3% to $4,110.5 per ounce, while silver prices dropped 2.1% to $59.9 per ounce. In the spot market, gold prices also declined sharply, at one point hitting their lowest level since early August.
The pressure on precious metals stemmed primarily from a strengthening US dollar and rising US bond yields.
Following the release of the Federal Reserve's (Fed) September meeting minutes, the DXY index rose 0.41%, while the yield on the 10-year US Treasury note climbed as high as 5.36%—its highest level in approximately 24 years. Rising yields increase the opportunity cost of holding non-interest-bearing assets like gold and silver.
Notably, silver faced greater pressure than gold; as an asset that functions both as a monetary store of value and a key industrial commodity, silver is highly sensitive to economic growth prospects and investment activity—particularly in sectors such as electronics, solar energy, and power infrastructure.
Meanwhile, structural buying by central banks continues to serve as a crucial support factor for the gold market.
According to the World Gold Council (WGC), central banks purchased a net 288.9 tonnes of gold in the second quarter, a 62% increase compared to the same period last year.
In August, central banks continued to make net purchases of 39 tonnes of gold, bringing the total net buying volume for the year to date to approximately 170 tonnes.
Poland continued to lead the way, having acquired an additional 98 tonnes of gold since the beginning of the year, while China also maintained its trend of gold accumulation. Platinum also faced strong selling pressure during the October 7 session. Platinum futures fell by approximately 3.5%, retreating to around $1,633 per ounce.
In addition to the impact of the US dollar and bond yields, the supply-demand outlook also exerted further pressure on the metal.