Gold is up 1% on the day to trade at fresh record highs, keeping around $2,440 currently. The break above $2,400 at the end of last week is being built upon as we get into the new week. Buyers are keeping steadfast and we’re seeing the conviction carry over since March trading.
Gold (XAU/USD) daily chart
And this is all coming despite the fact that we’re not diving too deep into central bank rate cuts just yet.
I would still be wary that there is the potential for a sharper correction in gold, which might be overdue. But at this stage, we’ll cross that bridge when we get there. Because it is so tough to argue against the recent momentum with the precious metal already up some 18% on the year.
Meanwhile, silver also briefly surged past $32 earlier but is still up 1.4% on the day around $31.93 currently.
And it’s not just precious metals that are shining. Copper is also another standout over the last two months as futures are eyeing to hold a firm break above $5 per pound.
Copper futures /lbs daily chart
The high earlier touched $5.16 before a slight pullback to $5.05 currently.