Gold prices remained stable in Asian trading on Wednesday, holding near recent record highs as safe-haven demand persisted despite some profit-taking. Meanwhile, copper prices surged due to a major power outage in Chile, which raised concerns over supply disruptions.<\/p>\n\n\n\n
Spot gold traded at $2,916.06 per ounce, while April gold futures rose 0.4% to $2,929.74 per ounce by 00:21 ET (05:21 GMT). Gold had recently hit an all-time high of $2,956.37 per ounce earlier this month, with investors eyeing the $3,000 per ounce level as the next major milestone.<\/p>\n\n\n\n
Safe-haven demand for gold has remained elevated due to heightened uncertainty surrounding U.S. trade tariffs and signs of slowing economic growth. However, the recent rally has prompted some profit-taking, temporarily capping further gains.<\/p>\n\n\n\n
A softer U.S. dollar provided additional support for metal prices, as weaker economic data fueled expectations of further interest rate cuts by the Federal Reserve.<\/p>\n\n\n\n
Copper prices saw strong gains, with benchmark futures on the London Metal Exchange rising 0.8% to $9,486.05 per ton, while March copper futures climbed 0.9% to $4.7408 per pound.<\/p>\n\n\n\n
The rally was driven by concerns over potential supply disruptions after a widespread power outage in Chile, the world\u2019s largest copper producer. The blackout, caused by a transmission failure in the country\u2019s northern region, led to a temporary halt in operations at major mines, including Escondida\u2014the world\u2019s largest copper mine.<\/p>\n\n\n\n
Despite U.S. President Donald Trump\u2019s announcement that he may impose tariffs on copper imports, the market largely shrugged off the threat. The U.S. President stated that the tariffs aim to bolster domestic copper production and limit China\u2019s influence in the sector. However, given the U.S.\u2019s significant demand for copper, such measures could have broader implications for global trade.<\/p>\n\n\n\n
Broader metal prices benefited from a declining U.S. dollar, which slid to a near three-month low following weaker-than-expected consumer confidence data for February. The data heightened concerns over slowing private consumption, a key driver of U.S. economic growth.<\/p>\n\n\n\n
Silver futures jumped 1% to $32.158 per ounce, while platinum futures edged down 0.2% to $976.30 per ounce after some overnight gains.<\/p>\n\n\n\n
Investor focus now shifts to upcoming U.S. economic reports, including fourth-quarter GDP data and the Personal Consumption Expenditures (PCE) price index, which serves as the Federal Reserve\u2019s preferred measure of inflation. These data releases will provide further insight into the Fed\u2019s potential policy trajectory and their impact on commodity markets.<\/p>\n","protected":false},"excerpt":{"rendered":"
Gold prices remained stable in Asian trading on Wednesday, holding near recent record highs as safe-haven demand persisted despite some profit-taking. Meanwhile, copper prices surged due to a major power outage in Chile, which raised concerns over supply disruptions. Gold Market Overview Spot gold traded at $2,916.06 per ounce, while April gold futures rose 0.4% …<\/p>\n","protected":false},"author":9,"featured_media":94938,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[],"class_list":["post-112306","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/112306","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=112306"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/112306\/revisions"}],"predecessor-version":[{"id":112307,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/112306\/revisions\/112307"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/94938"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=112306"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=112306"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=112306"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}