Gold Holds Near $4,830, Silver Remains Steady, Copper Pressured by Inventories

Commodities Update | EcoPulse24

Gold remained steady on Thursday near $4,830 per ounce, trading close to historic highs after recovering early-session losses. The yellow metal's resilience comes as investors continue to evaluate geopolitical risks, particularly after U.S. President Donald Trump dismissed the use of force over Greenland and signaled a possible political settlement. Despite a relative easing of risks, demand for gold persisted amid ongoing uncertainty - bolstered by Denmark's refusal to negotiate over Greenland and the European Parliament's suspension of ratification of the EU-U.S. trade agreement reached in July. Sharp fluctuations in Japanese government bond markets further supported safe-haven buying. Markets now await U.S. inflation data (PCE index) for signals on future Federal Reserve monetary policy.

Silver prices remained stable around $94 per ounce, below record highs but supported by structural factors such as a fourth consecutive year of global supply deficits. The market remains sensitive to any new tensions in currency, sovereign debt, or global trade markets, despite a recent easing in geopolitical and trade concerns following a softer U.S. stance toward Europe.

Copper futures hovered near $5.8 per pound after previous session pressures, with risk appetite improving slightly. However, copper remains weighed down by rising inventories in U.S. COMEX warehouses, which exceeded 500,000 metric tons for the first time, as traders redirect shipments to the U.S. in anticipation of possible future tariffs. On the demand side, Chinese manufacturing purchases - the world's largest consumer - remained weak due to high prices and the approaching Lunar New Year holiday. Industry estimates suggest demand typically strengthens when prices fall below 95,000 yuan per ton.

EcoPulse24 Analysis:
The performance of precious metals reflects a delicate balance between short-term easing of geopolitical risks and persistent global structural uncertainty. Gold and silver retain their appeal as safe havens, supported by volatility in debt and trade policies, while copper remains constrained by high inventories and seasonal demand weakness in China, limiting its near-term upside potential.