Written Commentary
GOLD
June gold futures are higher, rebounding after a two-day dip, as ongoing uncertainty surrounding the U.S.-China trade conflict continued to drive demand for the safe-haven asset. Treasury Secretary Scott Bessent stated on Wednesday that significant tariff reductions between the two nations are necessary for trade negotiations to move forward.
SILVER
May silver futures are lower and continue to underperform gold, especially since silver has a dual role as both a precious and industrial commodity, making it more responsive to shifts in economic sentiment and global trade conditions. Recent price action has been driven by developments in U.S.-China trade relations. There were reports suggesting the Trump administration is considering tariff reductions ahead of potential talks with Beijing.
A lower U.S. dollar today failed to provide support for silver.
Silver prices remain elevated this year and are being supported by prospects of a more accommodative Federal Open Market Committee this year.
COPPER
May copper futures are slightly lower on Thursday, pulling back from recent three-week highs as investors reconsidered the global trade outlook. The retreat followed reduced optimism over a possible easing of U.S.-China trade tensions. Although the Trump administration is reportedly weighing tariff reductions ahead of potential talks with Beijing.
Prospects of easier credit conditions from the Federal Open Market Committee remain an underlying support long term influence on copper.
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