[MARKET ANALYSIS] Precious metals stage a comeback following the recent sell-off

WTI/Brent: WTI Mar'26 +0.3% / Brent Apr'26 +0.2%

• Oil prices get slight reprieve after declining yesterday amid some unwinding of the geopolitical risk surrounding a potential US attack on Iran, with US envoy Witkoff and Iranian Foreign Minister Araghchi to meet on Friday in Istanbul to discuss a possible nuclear deal.

Gold: +3.90%

• Continued its recovery from the recent historical slump, while the resurgence also coincides with a firm rebound in silver prices.

Copper: +1.4%

• Edged higher alongside the broad comeback across the metals complex and the much-improved risk sentiment.

Precious metals, particularly gold and silver, are rebounding significantly following a recent sell-off. This turnaround appears to be linked to easing geopolitical tensions surrounding discussions on a potential US-Iran nuclear deal, which has improved overall risk sentiment and led to a broader recovery in the metals complex. Traders should watch how ongoing diplomatic efforts continue to influence precious metal prices and related commodities.