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[MARKET ANALYSIS] XAU extends on Monday's gains as Copper reaches another ATH

Gold continues to hold its ground above $4450/oz after extending Monday’s gains, signaling persistent investor interest.

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[MARKET ANALYSIS] XAU extends on Monday's gains as Copper reaches another ATH

UK S&P Global Services PMI Final (Dec) 51.4 vs. Exp. 51.3 (Prev. 51.3)

UK S&P Global Composite PMI Final (Dec) 51.4 vs. Exp. 51.2 (Prev. 51.2)

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  • Spot XAU trades choppy but managing to hold onto modest gains as the yellow metal sits above USD 4450/oz. After dipping to a trough of USD 4428/oz early in the APAC session, XAU extended on Monday's gains to peak at USD 4476/oz as European traders entered the market. Thus far, the yellow metal is trading in a tight USD 26/oz band above USD 4450/oz.
  • 3M LME Copper continued its bid to new ATHs throughout the Asia-Pac session, following the risk-on tone in Asian equities. The red metal opened at USD 13.1k/t and immediately bid higher, peaking at USD 13.39k/t as the European session gets underway. As equities started to pull back, led by Nikkei 225 futures, following the imposition of export controls on dual-use items to Japan by China, 3M LME Copper has started to fall lower and is currently trading at USD 13.24k/t.
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Meanwhile, copper reaching new all-time highs suggests strong demand driven by risk-on sentiment, though recent geopolitical tensions might temper its momentum. Watch for potential volatility in both metals as market dynamics evolve with equities.

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