[MARKET ANALYSIS] Precious metals pull back from ATHs, with spot XAU finding resistance at USD 4600/oz; Crude benchmarks oscillate in tight ranges amid quiet newsflow

• Crude futures oscillate in tight ranges amid a lack of geopolitical updates regarding the US-Iran situation. CBS News did report that US President Trump has been briefed on military and covert options against Iran, but no final decision has been made.
• Precious Metals (XAU, XAG) have pulled back from their record highs reached in Monday’s session as traders take some profit ahead of the US CPI report. After peaking at a new ATH of USD 4630/oz, spot XAU pulled back and has found resistance back below USD 4600/oz.
• Base Metals trade mixed, with 3M LME Copper posting modest gains (+0.4%), as the red metal consolidates above USD 13k/t. This comes amid worries that the recent gains in copper may sharply pull back if demand for the metal slows in 2026.

Precious metals, particularly gold, are facing resistance after recently hitting record highs, suggesting that traders are likely taking profits ahead of the critical upcoming US CPI report. Meanwhile, crude oil remains range-bound due to a lack of significant geopolitical developments, particularly regarding US-Iran tensions, which keeps market sentiment subdued. This dynamic indicates a cautious stance in commodities markets as participants await further catalysts for direction.