[MARKET ANALYSIS] Haven bid boosts XAU to new ATHs; Crude reverses earlier losses as geopols remain key driver

• 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.

Geopolitical tensions are intensifying, particularly with the Iranian President's threats, leading to a strong haven bid in precious metals, which have reached all-time highs. Crude oil has seen a recovery after initial declines, as traders react to these developments; the interplay of these factors suggests a flight to safety amid uncertainty regarding trade relations between the US and Europe.