Precious and industrial metals moved in opposite directions this week. Gold benefited from rising geopolitical tensions, while copper declined due to an oversupplied market. Gold prices are holding near the symbolic threshold of USD 5,000 per ounce. Investors are favoring this safe‑haven asset amid growing uncertainty linked to escalating tensions between the United States and Iran.
This geopolitical backdrop is also strengthening the U.S. dollar, which in turn weighs on the industrial metals segment. Copper is trading lower at USD 12,800 in London (cash price), further pressured by rising inventories and reduced activity due to market closures in China for the Lunar New Year.