Metals surge to new highs in Asia trade, with copper, gold, and silver all rising.

From Investing.com: 2024-05-20 00:37:14

Copper and gold set new record highs in Asia trade, with silver surpassing $30. Stocks sit just below last week’s peak as uncertainty lingers in the market. Gold’s rally is attributed to Chinese demand, global tension, and expected U.S. rate cuts. China’s housing efforts have boosted copper prices, unsettling short sellers.

Traders scramble as officials in China pledge trillion yuan for affordable housing, causing a spike in copper trading volumes. Silver joins the rally, jumping 3% to over $30 an ounce. Oil prices remain steady despite reports of an Iranian helicopter crash. The week ahead offers PMI data, Fed minutes, and Nvidia earnings.

Bonds rallied and the dollar fell last week after U.S. inflation slowed, with Treasuries retracing on Friday. Central bankers are taking a cautious approach as they await more data to assess the economic outlook. Key speeches from Fed’s Jefferson and other policymakers are on the agenda for Monday, shaping market sentiment.



Read more at Investing.com: Metals zoom as investors wait on rates By Reuters