Gold and silver surged to new highs on Tuesday, driven in particular by geopolitical tensions, while the yen rose amid expectations of possible intervention in the foreign-exchange market.
Gold, a safe-haven asset, climbed to a new record of $4,497.74 per ounce (31.1 g). Silver, both a precious and an industrial metal, also reached a new high at $69.9929 per ounce.
Copper, which is used in the construction of solar panels, wind turbines, electric-vehicle batteries and data centers crucial for artificial intelligence (AI), also hit a record price, rising on Monday to $11,996 per tonne.
On the industrial front, silver and especially copper are benefiting from structural support linked to the energy transition, electrification, and the massive needs of digital and AI infrastructure, analysts note.
Used in the manufacture of automotive catalysts, platinum reached its highest level since May 2008 on Tuesday at $2,195.71 per ounce, while palladium climbed to its highest level since December 2022 at $1,849.58 per ounce.
At the same time, these developments weighed on the U.S. dollar, which was down 0.28% against the euro around 10:15 GMT, at $1.3509 per euro.
The Japanese currency, for its part, rose sharply against the U.S. dollar, gaining 0.70% to 155.96 yen per dollar.
Investors were also watching on Tuesday for the release of U.S. third-quarter GDP data, which had been delayed due to the shutdown of federal government agencies.
