Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Gold prices rebounded strongly in Asian trading on Tuesday, with silver and platinum also advancing, as precious metals steadied after two sessions of heavy losses.
Spot gold jumped nearly 4% to $4,855.93 an ounce, while April gold futures climbed 4.4% to $4,853.79 an ounce.
Silver outperformed, surging 5.1% to $83.11 an ounce, while spot platinum rose 1.7% to $2,167.67 an ounce.
Gold recovers after plunging from record highs
Gold had tumbled to as low as $4,400 an ounce on Monday, shedding nearly $1,200 from the record highs seen last week, as aggressive profit-taking swept through metal markets.
The selloff followed U.S. President Donald Trump’s nomination of former Federal Reserve governor Kevin Warsh as the next Fed chair. The move removed a major source of uncertainty for markets, reducing safe-haven demand, while Warsh is also viewed as less dovish than investors had anticipated.
However, signs of stabilization emerged late Monday, with gold closing well above its intraday lows, setting the stage for Tuesday’s rebound.
Market focus is now shifting to U.S. nonfarm payrolls data due on Friday, which could offer clearer guidance on the strength of the U.S. economy and the future path of interest rates.
Easing geopolitical tensions also weighed on haven demand earlier in the week, after the U.S. and Iran confirmed plans to resume talks over Tehran’s nuclear program, reducing fears of imminent military escalation.
Copper steadies as China demand supports outlook
Base metals also edged higher, with copper prices recovering modestly from recent declines.
Benchmark copper futures on the London Metal Exchange rose 1.2% to $13,081.95 a ton, while COMEX copper futures gained 1.4% to $5.91 a pound.
Copper’s pullback has been far more contained than that of precious metals, as demand expectations remain firm amid ongoing investments in power infrastructure, renewable energy, and data center construction.
China, the world’s largest copper importer, is also seen as a source of support, with buyers stepping in as Beijing rolls out additional stimulus measures to underpin economic growth.
