Silver Jumps as US Data Weakens Dollar, Tempers Fed Bets

Silver prices surged over 4% to a one-month high as weaker-than-expected US ADP employment data weighed on the US Dollar and prompted traders to scale back expectations for Federal Reserve rate hikes. This broad-based dollar weakness benefited commodity-linked currencies and precious metals, despite one Fed official noting that he is not calling for a dramatic increase in interest rates. fxstreet +4

Mixed Signals Emerge from Middle East Geopolitics

Developments in the Middle East presented a complex picture for safe-haven assets, as the US Treasury lifted some Iran-related sanctions and Iran reportedly reached a shipping deal with Oman for the Strait of Hormuz. However, persistent regional risks were highlighted by Houthi claims of a missile strike on a Saudi tanker, which tested alternative oil export routes. fxstreet +2

Industrial Metals Complex Shows Strength on Supply Issues

The broader industrial metals market demonstrated underlying strength, with copper prices on the LME surging above $14,000 per tonne. Analysts attributed the breakout in copper to tightening physical market conditions and strong demand for prompt delivery. fxstreet