Gold has regained upward momentum, posting a second consecutive week of gains around USD 4,800 per ounce, supported by the announcement of a temporary two‑week ceasefire between the United States and Iran. This easing of tensions immediately pushed oil prices lower, reducing inflation expectations and restoring appeal to the yellow metal, which traditionally benefits when real rates stabilize or decline. Recent data show that gold rose by roughly 2–3% following the truce, helped by falling bond yields and sustained demand for safe‑haven assets despite the apparent improvement in the geopolitical backdrop.
This rise remains fragile. Reports of ceasefire violations and continued clashes in the region have capped the metal’s gains. Markets are constantly testing the durability of the truce, aware that even a minor escalation could reverse the trend. Analysts emphasize that the current easing rests on a precarious balance: if the ceasefire holds, gold may consolidate at current levels, but if tensions flare up again, volatility could intensify.
On the industrial metals side, copper is moving sharply higher, reaching around USD 12,700 per tonne in London, its highest level in three months. This increase reflects both a stabilization in market sentiment following the truce and a structural trend driven by demand linked to electrification, energy infrastructure, and technologies requiring conductive materials. Specialized indices show a consistent upward move, illustrating renewed appetite for cyclical assets.
For investors, this configuration highlights the dual nature of today’s metals market. Gold remains a sought‑after safe haven in an unstable geopolitical environment, but its trajectory will depend closely on the evolution of negotiations between Washington and Tehran. Copper, by contrast, benefits from structural support tied to the energy transition and industrial demand, yet remains sensitive to shifts in global macroeconomic sentiment. Volatility is likely to remain elevated until the situation in the Middle East stabilizes more durably.