[MARKET ANALYSIS] Haven bid boosts XAU to new ATHs; Crude reverses earlier losses as geopols remain key driver
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- Crude futures gapped lower at the start of the APAC session, with WTI Mar’ and Brent Mar’ dipping below USD 59/bbl and USD 64/bbl respectively, before paring back losses and moving into the green as Iranian President threatens an all-out war if the Supreme Leader is attacked.
- Precious Metals extend on ATHs, with spot XAU peaking to a record of USD 4691/oz while spot silver touches USD 94/oz, as the need for safe assets rise as trade tensions re-emerge between Europe and the US.
- Base Metals trade mixed, with iron ore falling for a fifth straight day as China confirms its drop in steel production. However, 3M LME Copper has partially rebounded from Friday’s losses, nearing USD 13k/t, despite the risk-off tone.
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