[MARKET ANALYSIS] Precious and base metals continue to make ATHs

• Precious metals continue their ascent to ATHs, as trend purchasing and geopols keep the complex bid.
• In more detail, spot gold made a fresh all-time peak at USD 4,639.89/oz, and has traded at elevated levels throughout the European morning. As for spot silver, the metal made a fresh ATH at USD 91.57/oz, before scaling back towards the USD 90/oz mark.
• The week’s rise has been associated with a number of different factors, including; 1) Fed independence woes, 2) heightened geopolitical tensions between the US-Iran, US-Greenland and US-Venezuela, 3) cooler-than-expected Core CPI, weighing on the USD. Nothing really behind the overnight strength seen today, appears to be a continuation of the factors listed.
• Base metals also followed the trend seen across the precious metals complex overnight, with 3M LME Copper also making a fresh ATH beyond USD 13.4k/oz, but has since scaled back to currently trade flat on the session. Elsewhere, 3M LME tin hits a new record above USD 51k/t on strong Chinese investor demand.

The recent surge in precious metals, reaching all-time highs, is indicative of strong trend purchasing driven by geopolitical tensions and softening U.S. economic indicators, particularly the cooler-than-expected Core CPI. This suggests a growing demand for safe-haven assets as investors reassess the macro landscape, especially with concerns around Fed independence. Base metals are also benefiting from this bullish sentiment, though some have seen modest retracements after hitting record levels, reflecting ongoing volatility in commodity markets.