Key Takeaways:

• Gold nears one-month highs: Spot gold climbed 0.9% past $4,835 an ounce as a prolonged slide in the U.S. dollar reignited demand for precious metals.
• Dollar drops for a ninth consecutive session: The greenback hit a six-week low, pressured by soft producer inflation data and a revival in global risk appetite.
• Geopolitical balancing act: Markets are closely monitoring the fragile U.S.-Iran ceasefire set to expire April 21, weighing diplomatic optimism against renewed U.S. troop deployments and an active naval blockade.
• Copper surges on China strength: Industrial metals caught a bid after China reported a robust 5% first-quarter GDP growth, driven heavily by resilient export demand.

Gold prices pushed higher in Asian trading on Thursday, capitalizing on persistent weakness in the U.S. dollar and a cautious revival in global risk appetite. The broader metals complex is currently navigating a complex macroeconomic landscape, caught between stronger-than-expected economic data out of Asia and the looming expiration of a fragile ceasefire in the Middle East.

Spot gold (XAU/USD) climbed 0.9% to $4,835.09 an ounce, while U.S. gold futures advanced 0.7% to $4,857.05 an ounce by early morning trading. The yellow metal is now hovering near one-month highs, as hopes for a meaningful de-escalation in the Iran war help cool market anxieties over sticky, energy-driven inflation.

The bullish momentum was not isolated to gold. Across the precious metals board, spot silver experienced a massive 2.4% jump to reach $80.8165 an ounce. Spot platinum also posted strong gains, rising 1.6% to $2,147.21 an ounce, placing both metals within striking distance of their own respective one-month peaks.

The Dollar’s Sustained Slide

The primary tailwind for the metals rally is a rapidly retreating U.S. dollar. The greenback tumbled for its ninth straight session on Thursday, touching a six-week low as improving global risk sentiment aggressively sapped haven demand. The currency was already trading on the back foot following the release of softer-than-expected U.S. producer inflation data earlier in the week, which gave investors breathing room regarding the Federal Reserve’s interest rate trajectory.

This shift in risk appetite is heavily tethered to ongoing geopolitical developments. U.S. President Donald Trump signaled this week that extended negotiations with Iran could unfold in the coming days, suggesting that a conclusion to the Middle East conflict is within reach. Adding to the diplomatic calendar, Trump noted that separate peace talks between Israel and Lebanon are scheduled to take place in Washington on Thursday.

However, traders are hedging their optimism. A temporary U.S.-Iran ceasefire appears to be holding, but it is strictly scheduled to expire on April 21. Furthermore, the diplomatic rhetoric starkly contrasts with immediate physical realities: Washington’s strict naval blockade of Iranian ports has now taken full effect, and reports indicate the U.S. is concurrently deploying thousands of additional troops to the region.

Industrial Metals Cheer China’s Growth Beat

While precious metals focused on the dollar and diplomacy, industrial metals reacted enthusiastically to a major macroeconomic surprise from the East. Copper prices rose firmly on Thursday after top global importer China released its first-quarter gross domestic product (GDP) figures.

Benchmark copper futures on the London Metal Exchange (LME) rose 0.5% to $13,350.33 a tonne, while COMEX copper futures climbed 0.8% to $6.1250 a pound.

China’s economy expanded by a robust 5% in the first quarter, comfortably beating analyst expectations and signaling a strong start to 2026. The growth was predominantly fueled by a resilient export sector, as overseas demand for Chinese manufactured goods remained highly elevated. Economists expect this trend to persist in the coming quarters, providing a solid foundation for robust local copper consumption.

Despite the stellar GDP print, China’s economic road ahead is not entirely clear of obstacles. The ongoing Iran conflict continues to present significant headwinds for the world’s second-largest economy. Spiking global fuel prices threaten to further stifle China’s already meandering domestic consumer spending, while the continued disruptions to international shipping routes present a looming risk to the very export demand that drove its first-quarter success.