[MARKET ANALYSIS] XAU gain on safe-haven demand; Copper raises following strength in the semiconductor sector
SourceNewsquawk
Importance
Level 1
- Metals have started the first full week of 2026 on the front foot, with spot gold, silver and 3M LME Copper up 2.4%, 4.6% and 2.4% respectively following safe haven demand and a semiconductor-led rally during Asia-Pac trade.
- Spot XAU gapped higher, opening at USD 4357/oz, and continued to trend higher to an APAC session high of USD 4420/oz. Currently, XAU is trading at session highs of USD 4432/oz, with demand for safe havens rising, following the Venezuela strike, but also potential further rate cuts by the Fed and continued concerns over US fiscal debt.
- 3M LME Copper gapped above the range formed in the past 2 trading sessions, opening at USD 12.68k/t and driving to a high of USD 12.88k/t as the APAC session got underway. The red metal consolidated before briefly extending to a new session high of USD 12.91k/t. However, price pulled back but 3M LME Copper remains above USD 12.8k/t and just shy of ATHs at USD 12.97k/t.
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