Gold and silver recovered in the overnight session, rising 1.5% and 1.3%, respectively. The gains were likely supported by falling US bond yields, with the closely watched 10-year Treasury yield dropping towards 4.6%.
Industrial metals were generally weaker as investors weighed the risk of a slowdown in AI infrastructure spending amid growing concerns about debt and costs. Brent crude, the international oil benchmark, was flat, while US West Texas Intermediate rose 2.7%, although it continued to trade at a discount to Brent.
Growing concerns about AI spending could have implications for the copper market, which has benefited from the scale of current and projected investment in data centres and related infrastructure.
However, the US is not facing a physical shortage of copper. Market participants have been shipping copper to the country ahead of potential tariffs that have yet to materialise.
Write to Callum Newman at Mining.com.au
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