[MARKET ANALYSIS] Precious metals continue to rebound with spot XAU returning above USD 5k/oz

• 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.

The rebound in spot XAU above USD 5k/oz indicates strengthening demand for gold, potentially driven by economic uncertainties or shifts in risk sentiment. This recovery, paired with silver's brief spike above USD 90/oz, suggests a broader bullish trend in precious metals, which could impact inflation hedging strategies and currency dynamics. Copper's mixed trading reflects caution amid market volatility, suggesting that while gold and silver are seen as safe havens, broader industrial demand may still face challenges.