Overview

• Spot gold fell roughly 2% to about $3,960 an ounce after breaking above $4,000 for the first time a day earlier, with futures near $3,973 as traders took profits.
• Silver briefly traded above $50 an ounce for the first time since 1993, supported by safe‑haven demand, tightness in the London spot market and growing industrial use such as solar.
• Copper traded near $10,800–$10,900 per tonne on the LME, a 16‑month high, as disruptions at Quebrada Blanca, El Teniente and Grasberg cut supply expectations.
• UBS, Bank of America and Citi lifted copper price forecasts, including targets as high as $11,500 by late 2026 and $13,500 by 2027, citing supply‑driven tightness.
• This year gold is up roughly 50% and silver about 70%, underpinned by central‑bank buying, ETF inflows, a softer dollar earlier in the rally and expectations of Federal Reserve rate cuts.