Real-time prices across precious metals, energy, industrial metals, and agriculture — with supply-demand analysis and how to trade commodity CFDs.
Indicative prices · May 12, 2026 14:30 UTC
| Commodity | Category | Price | 24h | Week | YTD | Unit |
|---|---|---|---|---|---|---|
| Gold | Precious Metals | $2,341.50 | +0.77% | +1.9% | +14.2% | troy oz |
| Silver | Precious Metals | $29.14 | +1.24% | +2.8% | +18.6% | troy oz |
| Platinum | Precious Metals | $982.40 | +0.42% | +1.1% | +8.4% | troy oz |
| WTI Crude | Energy | $78.42 | -0.19% | -0.8% | +4.2% | barrel |
| Brent Crude | Energy | $82.18 | -0.22% | -0.7% | +3.8% | barrel |
| Natural Gas | Energy | $2.84 | +2.11% | +4.2% | -12.4% | MMBtu |
| Copper | Industrial Metals | $4.62 | +0.88% | +2.4% | +11.8% | lb |
| Corn | Agriculture | $447.25 | -0.54% | -1.2% | -8.4% | bushel |
| Wheat | Agriculture | $562.00 | +1.12% | +2.8% | +6.2% | bushel |
| Coffee (Arabica) | Soft Commodities | $218.40 | -0.31% | +0.4% | +22.4% | lb |
| Cocoa | Soft Commodities | $8,420 | -1.84% | -3.2% | +142% | metric ton |
1. Central bank accumulation: Global central banks added 1,037 tonnes to reserves in 2025 — the second-highest year on record. China (225t), India (72t), Turkey (71t) are the largest buyers, driven by a structural shift away from USD reserve assets. The People's Bank of China has bought gold for 18 consecutive months.
2. Real yield dynamics: US real 10-year yields at approximately +1.9% are moderate and declining as markets price in Fed cuts. Historically, falling real yields are gold's most powerful single tailwind. Each 25bp cut by the Fed increases gold's relative attractiveness versus Treasuries.
3. Geopolitical risk premium: Conflicts in Eastern Europe and the Middle East, combined with US-China tensions, sustain elevated safe-haven demand. Historical analysis suggests a $50–$200/oz geopolitical premium is embedded in current prices.
Base case: $2,400 resistance in Q2, path to $2,600 by year-end if Fed cuts begin and central bank buying maintains 2025 pace. Downside scenario: strong dollar, no Fed cuts — range-bound $2,150–$2,350.
WTI crude has traded in a $72–$85 range since Q4 2025 as OPEC+ voluntary cuts of 3.66 million barrels per day have been offset by weaker Chinese demand and higher-than-expected US shale output. The $72 WTI level represents OPEC+'s informal intervention floor; $88 is where US shale production accelerates, capping the upside.
This week's EIA inventory data (Wed 14:30 UTC) is the primary near-term catalyst. A larger-than-expected drawdown would be bullish; a surprise build would pressure WTI toward $76 support.
Crude oil is highly sensitive to geopolitical events. A Strait of Hormuz disruption could spike WTI $10–$20 within hours. Always size oil positions smaller than equivalent forex positions.
Natural gas has fallen 40% from its January 2026 highs before stabilising near $2.80/MMBtu, driven by above-normal winter temperatures and strong US production. The seasonal setup for Q3 is constructive: summer cooling demand peaks July–August, and La Niña patterns suggest above-normal temperatures — a path toward $3.50 by September is viable if summer heat confirms.
Wheat: +6.2% YTD on Black Sea supply disruption risk and Ukraine's 2026 crop forecast 15% below 2024 levels.
Coffee: +22.4% YTD as La Niña impacts Brazilian growing regions — supply constraints structural through 2026/27.
Cocoa: +142% YTD — West Africa production crisis creating extreme price dislocations.
Gold trades as a USD pair. Typical spread from $0.20 on professional accounts. Positive swap when short, small negative swap when long (~$0.15–0.30/lot/night). At 0.01 lot, pip value is $0.10 — allows highly precise position sizing for smaller accounts.
WTI crude CFDs at ~$10/pip per standard contract. Higher volatility than forex requires wider stops — typically 1.5–2× ATR on the daily chart. Be aware that oil CFDs may have forced rollover before contract expiry — check your broker's terms.