[MARKET ANALYSIS] Precious metals rebound following Monday's selloff
Newsquawk Staff ·
- Precious metals continue to rise, despite selling off late in the US session, which was seemingly led by traders profit-taking in silver. Spot XAU found support at USD 5,000/oz and is currently trading just shy of USD 5,100/oz. Deutsche Bank highlighted that USD 6,000/oz is achievable in 2026 due to a weaker dollar. Spot silver returns above USD 112/oz after a USD 15/oz selloff from its ATH of USD 117.70/oz on Monday.
- 3M LME Copper re-opened lower, as it reacted from the selloff in the precious metals space, but found support at USD 13k/t before oscillating in a USD 13k-13.15k/t band as the European session continues.
What it means
The rebound in precious metals, particularly gold and silver, suggests a recovery after recent profit-taking, which is a positive signal for this asset class amid a weak dollar outlook. Deutsche Bank's projection for gold hitting USD 6,000/oz by 2026 further reinforces bullish sentiment, while copper's lower opening reflects the broader trends but shows signs of stability within a defined trading range.
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