Gold Struggles Amid Surge in Copper and Crude Oil Prices

The price of gold struggled to break through $4400 per ounce in London on Tuesday as inflation expectations and long-term interest rates remained steady. The strength of gold was overshadowed by surging copper and crude oil prices, with US Comex copper futures hitting a fresh all-time high.

Silver bullion prices declined after Monday's $1 pop, falling below $66 per troy ounce as market participants bet on the likelihood of a rate rise at next week's US Federal Reserve meeting. The odds of a rate hike are now at 3-in-5, according to the CME derivatives exchange's FedWatch tool.

Meanwhile, Brent crude oil rose towards $100 per barrel, its highest level in nearly four years since the early days of the US-Israeli war on Iran. American buyers are stockpiling refined copper due to uncertainty over potential re-imposition of trade tariffs, leading to depleted inventories at the London Metal Exchange and Shanghai Futures Exchange.