Gold Stagnant, Copper Surges as Oil Prices Rebound Amid Renewed Buying Interest

Gold prices remained stagnant last week, hovering around $4,040 due to mixed market signals and persistent geopolitical tensions in the Middle East. The precious metal declined by over 1.5% on Friday as investors reassessed the situation's impact on the Federal Reserve's policy outlook.

Copper futures continued their winning streak for a third consecutive week, surging nearly 3% to reach a multi-week high around $6.5. This rally was driven by the Fed's decision to keep interest rates unchanged, easing concerns over industrial metal demand. Copper also benefits from its strong long-term prospects, fueled by global clean energy transitions and AI data center expansions.

Crude oil prices plummeted by more than 6% after the U.S. halted strikes on Iran, alleviating supply concerns in the Middle East. However, prices rebounded to around $84 amid renewed buying interest, with fresh developments on the ceasefire and Strait of Hormuz shipping activity expected to impact crude oil volatility.