Gold Closes at $4731, Silver at $73; Fed and Iran Tensions Mark Session

Today's session in the precious metals markets was marked by a dichotomy between the monetary policy signals from the Federal Reserve and persistent geopolitical volatility in the Middle East, albeit with different nuances than at the opening.

Precious metals closed the session with moderate gains, consolidating some of the previous advances. Gold finished at $4731.40 per ounce, while silver reached $73.83. Platinum and palladium showed particularly strong performance, with increases of 4.95% and 8.09% respectively, reflecting industrial demand that appears to be recovering strongly. Copper, for its part, also maintained its momentum, closing at $5.75 per pound, benefiting from the perception of robust industrial demand.

Closing Levels and Intraday Variations

* **Gold (XAU):** $4731.40 USD/oz (+1.00%)

* **Silver (XAG):** $73.83 USD/oz (+2.56%)

* **Platinum (XPT):** $2044.30 USD/oz (+4.95%)

* **Palladium (XPD):** $1574.50 USD/oz (+8.09%)

* **Copper (HG):** $5.75 USD/oz (+3.31%)

Key Session Factors

The release of the minutes from the Federal Reserve's last meeting was a focal point during the afternoon. The documents revealed a greater openness among committee members to consider rate hikes at the March meeting, although the expectation of cuts if inflation evolves favorably was reaffirmed. This duality in the Fed's message generated some caution, but the market interpreted that the possibility of cuts is still on the table, limiting dollar appreciation and offering support to metals.

On the geopolitical front, news about the possible violation of the ceasefire agreement by the U.S., according to statements from an Iranian spokesperson, added a layer of uncertainty. However, the news that the U.S. is sending a negotiating team to Pakistan for talks on Saturday served as a counterbalance, suggesting that diplomatic channels remain open. This mixed dynamic prevented sharp movements but kept precious metals in positive territory as a safe-haven asset and hedge against uncertainty.

The quotation of platinum and palladium, in particular, showed remarkable resilience, driven not only by the perception of growing industrial demand but also by the possibility of strategic accumulation by countries or entities concerned about the stability of critical metal supply chains.

Outlook for Tomorrow

For tomorrow's session, attention will focus on the evolution of negotiations between the U.S. and Iran, as well as any additional statements from Fed or ECB members that could shed more light on the future direction of monetary policy. Key macroeconomic data will be closely watched, especially those related to inflation and employment, which could influence interest rate expectations. The continued strength of industrial demand for platinum, palladium, and copper will also be a factor to monitor.

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