[MARKET ANALYSIS] Precious metals on the backfoot once again in quiet newsflow and with the DXY above its 100 DMA

Precious metals continue to pull back following the rally seen across the first three trading sessions of the year, with prices extending on yesterday’s losses despite the weaker risk profile today and the ongoing myriad of geopolitics. That being said, the dollar continues to firm with the DXY above its 100 DMA (98.61) and looking to set fresh highs for 2026.
Spot gold resides closer to the bottom end of a USD 4,415.40-4,466.48/oz range, but is still holding onto a long-term upward trend. Analysts at HSBC forecast gold to hit USD 5,000/oz in H1'26 due to geopolitical risk and increasing fiscal debt, whilst noting that high volatility trading is likely. Elsewhere, Spot silver sees deeper intraday losses but overall holds a longer-term upward trend.
Base metals succumb to the modestly firmer dollar and overall weaker risk, with 3M LME copper dipping back under USD 13k/t before finding some support at USD 12,687/t. Newsflow overall remains light, but traders are also cognizant of the SCOTUS update tomorrow, which could provide a ruling on President Trump’s Liberation Day and some targeted tariffs (possible, not guaranteed).