Gold Closes at $4,705 (-0.49%): Fed and Geopolitical Tensions Mark the Day

Today's session in the precious metals markets concluded with a mixed tone, influenced by US macroeconomic data and persistent geopolitical tension. Gold XAU closed slightly lower, while silver XAG and platinum XPT recorded gains.

The **session close** saw gold decline to $4,705.50 USD/oz (-0.49%). The **primary cause** of this pullback is attributed to renewed expectations of monetary tightening by the Federal Reserve. FOMC member Goolsbee expressed disappointment with the latest inflation data, suggesting the Fed might maintain a more restrictive stance or even consider a rate hike, which increases the opportunity cost of holding metal for non-productive assets like gold. Additionally, news about the commencement of tariff refunds following a Supreme Court decision in the US reduces short-term uncertainty and demand for safe-haven assets.

**Silver (XAG)**, on the other hand, experienced a rebound, closing at $86.95 USD/oz (+1.17%). This upward movement, along with that of platinum (+0.76%), suggests a greater appetite for industrial and precious metals with a more diversified intrinsic value component. **Palladium (XPD)**, however, continued its downward trend, closing at $1508.00 USD/oz (-0.69%), reflecting still uncertain industrial demand.

**Copper (HG)** stood out with a strong advance, closing at $6.63 USD/oz (+2.67%). This increase is linked to continued industrial demand and the growing need for transition metals for the energy transition and technological development. The release of forecasts pointing to new records in US energy demand through 2027 reinforces the outlook for this metal.

**Driver of the Session:** The statement by Fed member Goolsbee on inflation and ongoing signs of geopolitical tensions, despite de-escalation efforts in Ukraine, maintained volatility. News of an unpublicized military action by Saudi Arabia against Iran added an element of uncertainty that, paradoxically, did not decisively boost gold, possibly due to the strength of Fed rate hike expectations.

**Tomorrow:** Investors will be closely watching the release of US employment data (Non-Farm Payrolls) and statements from other Fed members. These indicators will be crucial for calibrating the future direction of monetary policy and its impact on metal prices.

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