[MARKET ANALYSIS] Spot XAU falls below USD 4800/oz as geopolitical tensions ease
Importance
Level 1
- Crude futures oscillate in tight ranges, with the earlier bid at the start of the APAC session subsiding as geopolitical tensions cool and supply issues remaining the key driver of crude prices long-term.
- Precious Metals remain weak following the risk-on, ‘buy America’ tone following Trump’s removal of his threat of higher tariffs on EU countries and ruled out military action to acquire Greenland. Spot XAU has fallen back below USD 4800/oz while spot silver chops around USD 92/oz.
- Base Metals see modest gains as the global risk tone improves, with 3M LME Copper trading back above USD 12.8k/t as concerns over tightness re-emerge.
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