Gold, Copper and Silver Hit Record Highs

Gold, copper, and silver pushed to new all-time highs as the US dollar softened and geopolitical tensions intensified, adding fresh fuel to an already historic commodities rally. Gold rose about 2.5% to around $5,555 an ounce, taking its monthly gain to roughly 28%. Silver continued its strong run, extending this year’s advance to about 65% after a massive jump in 2025. Copper climbed roughly 5% on the London Metal Exchange, and Brent crude reached its highest level since September. With these assets priced in dollars, the weaker greenback amplified the move.

Bond markets reacted too. US Treasuries fell as investors worried that surging commodity prices could keep inflation sticky. Risk sentiment was also pressured by comments from US President Donald Trump, who warned Iran to reach a nuclear agreement with the US or face strikes he said would be far more severe than last June’s attack.

Equities were mixed. Asian stocks edged higher, and futures for US and European indices were slightly positive, helped by earnings from large tech companies. Still, the overall tone remained cautious as investors weighed uneven results and growing debate over the scale and payoff of AI investment.

Market participants noted that uncertainty in rates and currencies is rising, with multiple political and macro headlines keeping investors in “wait-and-see” mode. That backdrop also strengthened demand for traditional safe-haven assets, reinforcing the bid in precious metals. Strategists warned, however, that such rapid gains in gold and silver can become vulnerable to sharp reversals if momentum breaks.

The broad dollar index fell about 0.3%, continuing a weak stretch that put it on track for its worst month since April. In company news, late trading saw Tesla and Meta shares rise, while Microsoft declined after its results. Elsewhere, Indonesian stocks sold off for a second day and briefly triggered a trading halt as investors remained wary of downgrade risks and transparency concerns highlighted by a major index provider.