Gold futures remain stable following the establishment of a new record earlier in the trading session. Futures remain stable at $3,041.90 per troy ounce, following a peak of $3,065.20/oz earlier in the trading session. The increase in the value of the precious metal can be attributed to heightened demand for safe-haven assets, stemming from concerns over economic stability due to rising trade tensions and geopolitical unrest in the Middle East, as noted by Tradu.com’s Nikos Tzabouras. The latest economic projections from the U.S. Federal Reserve indicate a shift towards stagflation, as officials anticipate a slowdown in growth alongside rising unemployment and inflation, according to Tzabouras. Nonetheless, a decline in gold prices appears justified, given that Fed Chair Jerome Powell suggested that inflationary pressures from tariffs may be temporary, coupled with an enhancement in market sentiment following the Fed’s decision to maintain interest rates at their current level. The communications between U.S. President Trump and his Russian and Ukrainian counterparts have contributed to a reduction in geopolitical tensions, according to Tzabouras.

Base metal prices exhibit a mixed performance, as LME three-month copper experiences a decline of 0.6%, settling at $9,934.50 per metric ton, while LME three-month aluminum sees a modest increase of 0.2%, reaching $2,679.50 per ton. In a recent analysis, ING analysts reported that copper prices have surpassed $10,000 per ton for the first time since October. The metal has increased by over 13% in 2025 thus far, as tariff threats from U.S. President Trump have prompted a surge in copper imports into the U.S., leading to tighter supplies in other regions, according to ING. Trump has initiated an inquiry into copper imports, with market participants anticipating the imposition of tariffs later this year. In 2024, the United States imported approximately 850,000 tons of copper, which represented about 50% of its domestic consumption. Copper prices appear to have solid support in the near term, as traders are positioning themselves in anticipation of possible U.S. tariffs, analysts indicate.

Gold futures have surged to approach record highs, following indications from the U.S. Federal Reserve that it is likely to implement two interest rate cuts throughout 2025. Futures have increased by 0.3%, reaching $3,050.0 per troy ounce, following a new all-time high of $3,065.50 earlier in the trading session. Federal Reserve officials opted to maintain interest rates at their current levels during Wednesday’s meeting, aligning with prevailing market forecasts. The Federal Reserve indicated its intention to reduce interest rates by a modest 50 basis points within the current year. Lower interest rates generally benefit non-interest-bearing bullion; however, the precious metal’s recent appreciation can be attributed to the U.S. dollar’s decline and policymakers’ recognition of escalating inflation, enhancing gold’s status as a safe haven. joseph.hoppe@wsj.com
The upward trajectory of Comex Gold Futures remains firmly established, as evidenced by the daily chart analysis.

According to a research report by RHB Retail Research’s Joseph Chai, the uptrend in Comex Gold futures remains firmly established, as indicated by the daily chart. Although the precious metal exhibited a ‘Doji’ candlestick pattern on Wednesday, signaling a state of neutral market sentiment, the analyst notes that bullish momentum is still evident through the upward trajectory of the relative strength index. “We expect the favorable price movement to continue in the near term,” states Chai, noting that the precious metal is poised to approach the $3,100/oz threshold. On the negative side, immediate support is positioned at $2,900 per ounce, with further support levels at $2,850 per ounce. Spot gold has decreased by 0.1%, now priced at $3,046.20 per ounce.