[MARKET ANALYSIS] Precious metals continue to rebound with spot XAU returning above USD 5k/oz
Importance
Level 1
- Spot XAU continues to rebound, with the yellow metal returning above the USD 5k/oz handle after hovering just shy of the level throughout Tuesday's session. Gold rose throughout the APAC session, peaking at USD 5092/oz, before oscillating in tight c. USD 40 range.
- Similarly, spot silver has gradually bid higher and briefly held above USD 90/oz before falling back below the level as European trade continues.
- 3M LME Copper has thus far traded on both sides of the unchanged mark, fluctuating in a USD 13.29k-13.52k/t band, as risk tone overnight was mixed. Heightened concerns over AI weighed on the tech-heavy NQ during Tuesday's trading day, and this followed through into Asia-Pacific equities.
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