[MARKET ANALYSIS] Spot XAU extends above USD 5,300/oz; Copper regains USD 13k/t

• Precious metals continue to hold at record levels, as spot gold extends to another ATH of USD 5311/oz, helped by the weaker dollar in Tuesday's session following Trump's comments indicating that he is comfortable with the recent decline in the greenback.
• Spot silver remains near record highs, currently at USD 113.80/oz, as the London liquidity squeeze persists.
• Fresnillo announced their Q4 production figures and 2026 guidance for gold and silver. The Co. downgraded its 2026 production for gold and silver. For gold, the Co. explained that stronger-than-anticipated production during 2025 will result in lower 2026 production at its Herradura mine, while for the latter, changes to the Fresnillo mine plan will lower silver production.
• CME said it will raise margin requirements on Comex silver futures after prices hit record highs. Margins for non-heightened risk accounts will increase to 11% from 9%, while heightened-risk margins will rise to 12.1% from 9.9%. Margins on platinum and palladium futures will also be increased.
• 3M LME Copper gained throughout the APAC session, aided by the weaker dollar and outperformance in Chinese equities. The red metal regained USD 13k/t, peaking at USD 13.25k/t, before oscillating in a c. USD 100/t band as the European session gets underway.

Spot gold is now trading at a record high, buoyed by a weaker dollar and supportive comments from Trump regarding its decline. Additionally, copper has rallied back above USD 13,000 per ton, aided by positive performance in Chinese equities, indicating strong demand in that market. The rise in metal prices could have various implications for inflation and the broader commodities market, particularly if the weaker dollar persists, influencing investor behavior toward safe havens like gold.