[MARKET ANALYSIS] Spot gold rebounds, whilst copper bids higher on global risk sentiment

• In the metal space, spot gold and silver made gradual strides higher during the APAC session. XAU trades above the USD 4,900/oz within a USD 4869.95-4961.4/oz range, whilst XAG trades just above USD 75/oz within the 72.2305-57.783 range. Newsflow has been light for precious metals thus far in the European session
• Copper prices are also rebounding, nursing prior day losses and in tandem with the improving risk tone. 3LME copper trades in the upper end range of USD 12.649-12.731.2k/t. Reminder that China, the largest market for copper remains closed due to the Chinese new year’s.

Spot gold and silver have risen during the APAC session, signaling improving risk sentiment in the market, particularly as gold trades within a stable range. Furthermore, copper is also recovering from previous losses, which reflects a broader positive shift, though it's important to note that the major market for copper, China, is currently closed for the New Year. This could imply further potential volatility once Chinese markets reopen, impacting overall commodity prices.