After weeks of sharp gains, gold prices took a breather on Wednesday, stabilizing as investors weighed U.S. trade policy and economic indicators. Spot gold remained near $2,916 per ounce, with April futures edging 0.4% higher to $2,929.74 per ounce.
In contrast, copper prices surged following a massive power failure in Chile, affecting key mining sites and raising fears of supply shortages. Benchmark copper futures climbed 0.8% to $9,486.05 per ton, as mining giant Codelco halted operations at major facilities.
Markets are also eyeing potential U.S. tariffs on copper imports. President Donald Trump’s administration has launched an investigation that could result in new trade restrictions. If imposed, tariffs could reshape the global copper trade, affecting top exporters like Chile, Canada, and Mexico.
Meanwhile, the U.S. dollar continued its downward trend, increasing demand for dollar-denominated commodities like gold and copper.
