Overview

• Spot prices set fresh highs with gold quoted around $4,122–$4,133 per ounce and silver near $52.5, and gold is up more than 50% year to date.
• Analysts cite persistent central‑bank purchases, safe‑haven flows tied to geopolitical and tariff uncertainty, and lower expected U.S. rates as key supports.
• Copper has risen over 20% in 2025 and trades near $4.20 per pound, helped by stronger Chinese demand and supply disruptions at large mines such as Grasberg and El Teniente.
• Mexico’s markets reacted with the peso appreciating 0.40% to 18.4691 per dollar and the BMV’s IPC up 0.8%, led by mining names including Peñoles and Grupo México.
• Research and market commentary note emerging‑market central banks bought about 400 tonnes of gold in the past six months and see room for further gains even as short‑term pullbacks remain possible.