[MARKET ANALYSIS] Precious metals continue to trade at record levels with spot XAU extending beyond USD 5,000/oz
Importance
Level 1
- Precious metals continue their historic bid higher, with spot gold trading beyond USD 5,000/oz and briefly extended above USD 5,100/oz, while spot silver trades just shy of USD 110/oz.
- The strength in the yellow metal has been helped by a weaker dollar, rising fiscal concerns globally, and re-emerging tariff threats. The latest threat by US President Trump is on Canada, threatening to hit the country with a 100% if they sign a trade agreement with China. However, this would be highly unlikely due the limitations under the USMCA agreement. Under the current agreement, the countries can terminate the agreement if one enters a FTA with a non-market economy like China.
- 3M LME Copper is currently trading in the middle of the USD 12.52k-13.41k/t band that has been forming since the start of 2026 as supply/demand dynamics supports the red metal. Supply disruptions were the main driver throughout 2025 but as the worries wane, demand has continued to grow due to AI demand.
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