Gold prices surged to fresh record highs on Wednesday, now approaching $4,900 an ounce levels, as escalating tensions linked to Greenland and renewed trade frictions rattled global markets and drove investors toward safe-haven assets.

Spot gold jumped 2.3% to $4,872.13 an ounce by 01:13 ET (06:13 GMT), after hitting a new all-time high of $4,878.30/oz earlier in the day.

U.S. Gold Futures also climbed 2.4% to historic highs of $4,880.50/oz.

Gold boosted by US-EU tensions over Greenland

Gold prices have jumped more than 6% this week, including today’s gains.

The latest surge came as relations between the U.S. and Europe remained strained over Greenland’s strategic importance.

U.S. President Donald Trump has insisted there is “no going back” on Greenland, citing security concerns in the Arctic, and has threatened tariffs against European countries, unsettling markets already on edge over global trade risks.

French President Emmanuel Macron said Europe would not bow to “bullies,” stressing that respect and cooperation, not coercion, should define relations between allies.

His remarks, delivered on the sidelines of the World Economic Forum in Davos, underscored growing unease in Europe over Washington’s rhetoric and trade threats tied to the Greenland dispute.

Trump sought to calm nerves by saying the U.S. was working on the issue and aimed for an outcome that would satisfy NATO, but investors remained cautious.

Weaker dollar provides further support

Investor demand for gold was further boosted by weakness in the U.S. dollar, which slid about 0.8% on Tuesday to a two-week low.

The US Dollar Index traded 0.2% lower during Asian hours on Wednesday.

A softer dollar makes gold cheaper for holders of other currencies and typically lifts demand for the non-yielding metal.

Among other precious metals, silver prices edged slightly higher to $94.75/oz after hitting a record high of $95.87/oz on Tuesday.

Platinum rose to a record high of $2,519.51/oz on Wednesday but later pared gains to trade 0.2% higher at $2,467.9/oz.

Benchmark Copper Futures on the London Metal Exchange rose 1.3% to $12,944.20 a ton, while U.S. Copper Futures gained 1% to $5.88 a pound.

Futures linked to the major U.S. stock indices point down as traders gauged the likelihood that the U.S. would slap fresh tariffs on a host of European countries over Greenland. President Donald Trump says he will hold meetings on Greenland during a visit to an annual economic forum in Switzerland, while European leaders weigh their potential responses to Trump’s demand for American ownership of the territory. Back in the U.S., the Supreme Court could unveil a ruling on the legality of Trump’s tariffs. Elsewhere, Netflix is due to report its latest results.

1. Futures dip

U.S. stock futures were lower on Tuesday, suggesting a negative start to a shortened trading week fueled by tensions over Greenland.

By 03:07 ET (08:07 GMT), the Dow futures contract had fallen by 677 points, or 1.4%, S&P 500 futures had dipped by 102 points, or 1.5%, and Nasdaq 100 futures had slumped by 449 points, or 1.8%.

The main averages on Wall Street were closed on Monday for Martin Luther King Jr. Day.

Still, the impact of President Donald Trump’s threat to slap fresh tariffs on several European countries until the U.S. is allowed to take ownership of Greenland weighed on sentiment around the world. Globally, stock markets have retreated to begin the trading week, reflecting jitters around the implications of the levies, which Trump has said will start at 10% and could rise to as much as 25% in June if his demands for the semi-autonomous Danish territory are not met.

Analysts at Capital Economics estimated that, should they be implemented and sustained for a long period, the tariffs could cost the Eurozone currency area “something between” 0.2% and 0.5% of gross domestic product, hitting traditional European powerhouse Germany particularly hard.

“In practice though, we doubt that they will be implemented as advertised. We also think the [European Union] will be cautious in any retaliation in an effort to avoid further escalation,” the analysts said.

2. Trump says he will hold Greenland meeting at Davos

Trump suggested that he would hold talks on Greenland during his visit to the World Economic Forum’s annual event in Davos, Switzerland this week.

On social media, Trump said he had held a “very good” call with North Atlantic Treaty Organization head Mark Rutte, who has long worked to keep the president on board with the longstanding alliance.

The president, who is due to speak at the yearly Alpine confab of business executives and global leaders on Wednesday, added that he would meet with “various parties” during the trip -- although he did not specify who exactly he will speak with.

“As I expressed to everyone, very plainly, Greenland is imperative for National and World Security. There can be no going back — On that, everyone agrees!” Trump wrote.

European countries have reportedly been deliberating over how best to respond to the Greenland crisis, mulling over potentially rolling out steep tariffs on 93 billion euros worth of U.S. goods. France and Germany have also urged the EU to consider implementing an instrument designed to deter economic coercion, which could include other restrictions on investment or banking activity.

U.S. access to EU -- the world’s third-biggest economy -- may be restricted by this tool. As a result, this has been viewed as a “bazooka” option for the EU, creating a deep rift between the bloc and the U.S. after the two had reached a trade agreement last summer. The future of NATO hangs in the balance as well.

3. Potential Supreme Court tariff ruling ahead

Hovering in the background is a crucial -- and long-awaited -- Supreme Court ruling on the legality of Trump’s sweeping import tariffs on a raft of countries.

Trump has used a 1977 law called the International Emergency Economic Powers Act, or IEEPA, as justification for the levies. IEEPA gives the president broad powers over international economic transactions in the event of a national emergency.

However, justices expressed enough skepticism over the White House’s arguments at hearings late last year that markets are now widely anticipating the high court will rule against Trump.

Media reports have said the decision may come down as soon as Tuesday.

But U.S. Trade Representative Jamieson Greer told the New York Times in an interview published on Monday that, even if the Supreme Court strikes down the tariffs, administration officials are preparing new duties that would “start the next day.”

4. Gold’s fresh record high

Gold prices climbed to a fresh record high on Tuesday, as concerns over American demands for Greenland kept traders broadly risk-averse and pinned to safe havens.

Prices for the yellow metal, as well as silver, soared to all-time peaks earlier this week on Trump’s latest tariff salvo. But while silver saw some profit-taking on Tuesday, bullion remained relatively well-bid.

The uncertainty also saw traders sell the U.S. dollar, which in turn aided metal prices.

Spot gold rose 1.0% to $4,724.83 an ounce, while gold futures gained 3.0% to $4,730.50/oz by 03:49 ET.

5. Netflix to report

On the earnings calendar, Netflix is due to report its latest quarterly results after the closing bell on Wall Street on Tuesday.

According to Bloomberg consensus estimates, the streaming video giant is seen posting earnings per share of $0.55 on revenue of $11.96 billion.

But the numbers will likely take a back seat to any discussion around Netflix’s drive to purchase Hollywood stalwart Warner Bros. Discovery, a bid that has been rivalled by one from Paramount Skydance. The battle for Warner Bros is anticipated to drag on for months, and possibly become mired in regulatory scrutiny in both the U.S. and Europe.

Netflix has targeted Warner Bros, whose holdings include the HBO Max streaming unit and popular franchises like “Harry Potter” and “Friends”, to help boost revenues. Despite being bolstered by the success of series like “Stranger Things” and a foray into live sports programming, Netflix faces pressure to show returns from expensive bets on advertising and video games.

Investors gear up for a week shortened by the closure of stock markets on Wall Street for Martin Luther King Jr. Day on Monday. But it will likely get busier, with President Donald Trump’s latest tariff salvo and two major Supreme Court cases in the spotlight, as well as earnings from big-name companies like Netflix and Intel. Trump’s proposal to address housing affordability could also be fleshed out, as upcoming midterm elections in November loom.

1. EU prepares response to Trump’s Greenland tariffs

European leaders are set to discuss their response to Trump’s tariffs later this week, with reports suggesting that EU officials are even mulling over instituting harsh retaliatory measures should the levies be put into place.

On Saturday, Trump said he would place 10% tariffs on eight EU members -- Denmark, Sweden, France, Germany, the Netherlands, Finland, Norway and the United Kingdom -- until the U.S. can buy Greenland. Should the U.S. not succeed in buying the massive semi-autonomous Danish territory, Trump added that the levies would increase to 25% in June.

Trump has argued that the purchase over Greenland is necessary for national security, although European states have described the move as blackmail.

Ahead of an emergency summit scheduled for Thursday in Brussels, EU countries are reportedly preparing to discuss a range of responses, such as a package of tariffs 93 billion euros of U.S. imports. Another is the so-called “Anti-Coercion Tool,” which could limit the U.S.’s access to investment, banking activity and trade in services.

Against this backdrop, analysts suggested that uncertainty around Trump’s trade policies -- a common theme throughout 2025 -- may intensify.

“If the past year has shown anything, it is that the macroeconomic effects of tariffs are both uncertain and non-linear,” said Neil Shearing, Group Chief Economist at Capital Economics, in a note.

Shearing predicted that the economic impact of the tariffs would be “modest,” shaving “a few tenths of a percentage point” off of growth in the affected economies and adding a similar amount to U.S. inflation.

But Shearing warned that the political ramifications would be “far greater,” adding that any U.S. attempts to seize Greenland either by force or coercion would inflict “potentially irreparable damage” to the NATO alliance.

2. Supreme Court cases in focus

Notably, Trump has lobbed this new tariff volley at a time when the U.S. Supreme Court is anticipated to deliver a ruling on the legality of his sweeping levies.

Markets widely expect the high court will strike down Trump’s use of an international emergency economic powers law instituted in the 1970s to impose the tariffs, with the betting website Polymarket showing only a 31% that the justices will side in his favor.

Although Trump’s aides have suggested that they will explore other avenues to institute the tariffs, analysts have flagged that even more uncertainty would cloud the fate of levies, including those Trump has just threatened to roll out over Greenland.

Meanwhile, the Supreme Court is also due on Wednesday to listen to arguments in Trump’s push to fire Federal Reserve Governor Lisa Cook.

Cook sued Trump in August after he attempted to oust her from the role over claims of mortgage fraud -- an action that many observers interpreted as part of an effort by the president undermine the independence of the Fed.

“[The Supreme Court] has been a relative friend of the Fed in terms of defending it from White House interference, and investors are hoping that remains the case during the Cook hearing,” analysts at Vital Knowledge said.

3. Netflix earnings ahead

On the earnings calendar, Netflix is due to report its latest quarterly results after the closing bell on Wall Street on Tuesday.

According to Bloomberg consensus estimates, the streaming video giant is seen posting earnings per share of $0.55 on revenue of $11.96 billion.

But the numbers will likely take a back seat to any discussion around Netflix’s drive to purchase Hollywood stalwart Warner Bros. Discovery, a bid that has been rivalled by one from Paramount Skydance. The battle for Warner Bros is anticipated to drag on for months, and possibly become mired in regulatory scrutiny in both the U.S. and Europe.

Netflix has targeted Warner Bros, whose holdings include the HBO Max streaming unit and popular franchises like “Harry Potter” and “Friends”, to help boost revenues. Despite being bolstered by the success of series like “Stranger Things” and a foray into live sports programming, Netflix faces pressure to show returns from expensive bets on advertising and video games.

4. Intel to report

Elsewhere, Intel is slated to unveil its results following the close of the U.S. markets on Thursday.

Under CEO Lip-Bu Tan, the California-based chipmaker has been push to reduce costs and shore up its finances during a time when it is grappling with intensifying competition in the PC and server central processing unit markets.

Intel’s drive to break into the artificial intelligence chip market has also failed to produce results.

But the company was given a major lifeline last year when AI-darling Nvidia, tech investment giant SoftBank and even the U.S. government stepped in with significant investments. Nvidia, in particular, bought $5 billion in Intel shares in December.

Earlier this month, Intel also announced its new AI chip for laptops, seeking to assuage investor concerns around products made using the firm’s next-generation manufacturing process.

5. More details on Trump’s housing plan expected

The Trump administration is expected to provide more details around its plans to make housing more affordable, as officials look to address one of the central issues for voters heading into key midterm elections later this year.

Housing costs have been especially on the minds of many Americans who have put off buying property due to elevated mortgage rates and high home prices.

Last week, White House economic adviser Kevin Hassett said the administration is planning to let investors use some of their retirement funds to place a down payment on a house. Hassett added that Trump “will put the final plan out” during a trip to the World Economic Forum’s annual meeting in Davos this week.

Trump has outlined a range of measures aimed at bringing down costs, including barring institutional investors from buying single-family homes, ordering mortgage titans Fannie Mae and Freddie Mac to purchase $200 billion in mortgage bonds, and a cap on credit-card interest rates.

Gold prices held largely steady on Friday, trading below record highs touched earlier this week, as strong U.S. labour market data dampened expectations of imminent Federal Reserve rate cuts, while easing geopolitical tensions around Iran reduced safe-haven demand.

Spot gold was last down 0.1% at $4,608.55 an ounce by 02:11 ET (07:11 GMT). U.S. Gold Futures edged down 0.2% to $4,611.10.

The yellow metal has retreated from a record high of $4,642.72/oz reached on Wednesday. Despite the modest pullback, bullion was still on track for a weekly gain of about 2%.

Traders assess Fed outlook after strong US data

Investor sentiment shifted after data showed U.S. initial jobless claims fell more than expected last week, underscoring the continued resilience of the labour market.

The stronger-than-anticipated reading reinforced views that the Federal Reserve may keep interest rates higher for longer, pushing market expectations for the timing of rate cuts this year.

Higher interest rates tend to reduce the appeal of non-yielding assets such as gold.

Following the data, the US Dollar Index climbed to a six-week high against a basket of major currencies, further weighing on gold prices by making the metal more expensive for overseas buyers.

Easing Iran tensions weighs on haven demand

Gold had surged earlier in the week as investors sought safety amid heightened geopolitical tensions linked to unrest in Iran.

Unrest in Iran was driven by widespread protests and government crackdowns, which had sparked fears of escalation and potential supply disruptions, lifting demand for precious metals

U.S. President Donald Trump tempered his previously hawkish rhetoric on possible military intervention, signalling a more cautious stance and noting reports that violent crackdowns on demonstrators may be easing. 

Metal markets slip

Other precious and industrial metals traded lower on Friday, weighed down by a stronger greenback.

Silver prices dropped 1.7% to $90.87 per ounce, while platinum futures declined 2.1% to $2,361.31/oz.

Benchmark Copper Futures on the London Metal Exchange slipped 1.7% to $12,907.20 a ton, while U.S. Copper Futures fell 1.8% to $5.88 a pound.

Futures linked to the S&P 500 and Nasdaq indices rise, while Dow futures inch lower. U.S. President Donald Trump tells Reuters that he has no plans to oust Federal Reserve Chair Jerome Powell. Chipmaking giant TSMC notches a record-high fourth-quarter profit thanks to soaring artificial intelligence demand, while more bank earnings are due out before the opening bell on Wall Street. Meanwhile, oil prices slump after Trump says killings in Iran are subsiding.

1. Futures mixed

U.S. stock futures hovered around both sides of the flatline on Thursday, as investors gauged heightened geopolitical tensions and early returns from the quarterly corporate earnings season.

By 02:47 ET (07:47 GMT), the Dow futures contract had slipped by 29 points, or 0.1%, S&P 500 futures had gained 4 points, or 0.1%, and Nasdaq 100 futures had risen by 48 points, or 0.2%.

The main averages on Wall Street retreated in the prior session, weighed down by broad-based weakness in tech stocks and post-results selling in large banks.

Treasuries notched some gains. Yields, which tend to move inversely to prices, declined across a number of durations, with analysts highlighting a cooler-than-anticipated producer price index reading and a decrease in oil prices.

2. Trump says he has no plans to fire Powell - Reuters

President Trump has said he "doesn’t have any plan" to fire Fed Chair Jerome Powell, even after the Justice Department opened a criminal investigation into the leader of the U.S. central bank.

However, speaking to Reuters, Trump said that it remained "too early" to say what he would do regarding the matter.

Trump noted that the White House is in "a little bit of a holding pattern" with Powell, adding "we’re going to determine what to do."

Powell’s recent announcement that he had received a subpoena from the DOJ has sparked fresh concerns about the ability of the Fed to adjust monetary policy free of political influence. Powell denied wrongdoing, claiming that the investigation was part of a campaign to influence interest rates, which Trump has long argued should be aggressively and rapidly reduced.

Asked by Reuters about worries that eroding the independence of the Fed could dent the U.S. dollar and drive up inflation, Trump said "I don’t care."

The president also hinted that he preferred to appoint one of "the two Kevins" -- former Fed Governor Kevin Warsh or National Economic Council Director Kevin Hassett -- to replace Powell when his term at the helm of the Fed ends in May. Trump also appeared to rule out Treasury Secretary Scott Bessent as a candidate, saying "he wants to stay where he is."

3. TSMC’s record, AI-fueled fourth-quarter profit

Taiwan Semiconductor Manufacturing Co. posted a stronger-than-expected fourth quarter net profit, as the world’s largest contract chipmaker received yet another boost from outsized artificial intelligence-fueled demand for its advanced processors.

The firm set a much higher capital expenditure forecast for 2026, stating that it intends to ramp up production capacity aggressively to meet the rising AI demand.

TSMC expects 2026 capital expenditure to be in a range of $52 billion and $56 billion, compared to $40.90 billion in 2025, CFO Wendell Huang said in a post-earnings call.

Huang warned that TSMC’s mid-to-long-term margins were also on track to weaken as the chipmaker continues to build out its production capacity, especially overseas. CEO C.C. Wei also flagged "significantly higher" capital expenditures and costs in the coming years.

TSMC clocked a record-high net profit of T$505.74 billion ($16 billion) in the three months to December 31, more than Bloomberg estimates of T$467.0 billion and higher than the T$374.68 billion seen a year ago.

4. Morgan Stanley, Goldman Sachs to report

Elsewhere on the earnings calendar, results are due out from major U.S. banks Morgan Stanley and Goldman Sachs.

These will round out a week of reports from the biggest lenders on Wall Street, including names like JPMorgan Chase and Bank of America. Along with kicking off the latest slate of quarterly earnings, the numbers are seen as barometers of the state of U.S. economy and Corporate America more broadly in the opening weeks of 2026.

So far, bank executives have described the economy as resilient to widespread uncertainty stemming from sweeping U.S. tariffs, sticky inflation, and signs of a weakening labor market.

Collectively, JPMorgan, BofA, Citigroup, and Wells Fargo have reported total full-year profits of $123.2 billion, up by almost 5% from 2024, according to calculations from the Wall Street Journal.

5. Oil falls amid calming Iran fears

Oil prices slumped, snapping a five-day winning streak as Trump indicated a more restrained stance on Iran, easing fears of near-term supply disruptions.

Brent futures dropped 3.5% to $64.20 a barrel and U.S. West Texas Intermediate crude futures fell 3.4% to $59.92 a barrel.

Prices have surged more than 10% over the last five sessions, reaching multi-month highs on fears that unrest in Iran could trigger U.S. military action and disrupt production or shipping.

Trump said on Wednesday that he had been told that killings in Iran’s crackdown on nationwide protests were subsiding and he believed there was currently no plan for large-scale executions.

Oil prices edged down from multi-week highs in Asian trading on Wednesday after the previous session’s sharp rally on fears of supply disruptions in Iran, as investors assessed data showing a large build in U.S. crude stockpiles.

As of 20:18 ET (01:18 GMT), Brent Oil Futures expiring in March edged down 0.4% to $65.19 per barrel, while West Texas Intermediate (WTI) crude futures fell 0.5% to $60.87 per barrel.

Both contracts surged more than 2.5% on Tuesday, pushing Brent to an 11-week high and WTI to a 10-week peak, extending strong gains over four consecutive sessions.

Oil boosted by Iran supply risks

Tuesday’s advance came amid heightened geopolitical risk related to intensifying anti-government protests in Iran that have fuelled fears about future crude exports from one of OPEC’s largest producers.

Traders have priced in a significant risk premium on the prospect of supply interruptions.

U.S. President Donald Trump’s stance on the unrest added to market nervousness. Trump warned of possible military action if Iranian authorities continue lethal crackdowns on protesters and urged demonstrators to “take over your institutions,” saying on social media that “help is on the way.”

He has also threatened tariffs on nations trading with Tehran in an effort to isolate the regime, further stoking the geopolitical premium. 

US crude stocks jump above expectations - API

Against this backdrop of geopolitical tension, industry group American Petroleum Institute data released on Tuesday showed U.S. crude inventories rose by 5.3 million barrels last week, well above analysts’ expectations for a roughly 2 million-barrel build. G

asoline stocks climbed by about 8.2 million barrels and distillates by about 4.3 million barrels, underscoring ample supplies of refined products.

Focus now shifts to official U.S. Energy Information Administration figures due later on Wednesday for confirmation of crude and product trends.

Gold prices steadied below record levels on Tuesday as markets digested ongoing geopolitical turmoil in Iran and unprecedented U.S. political pressure on the Federal Reserve, while investors awaited key U.S. inflation data later in the day.

Spot gold last traded flat at $4,588.9 an ounce by 01:08 ET (06:08 GMT), after jumping to a record high of $4,629.4/oz in the previous session.

U.S. Gold Futures for March slipped 0.4% to $4,596.81/oz.

Iran unrest, Fed autonomy in focus; US CPI awaited

The record rally came against the backdrop of escalating unrest in Iran, where anti-government protests have drawn warnings from the U.S. of possible intervention, spurring concerns about broader regional instability and supporting haven flows into bullion.

"Protests in Iran keep geopolitical tensions elevated, while President Trump has reiterated threats to take Greenland, bringing further upside to precious metals," ING analysts said in a note.

The previous session’s buying was also driven by turmoil in U.S. politics and monetary policy.

The Trump administration served the Federal Reserve with grand jury subpoenas and opened a criminal investigation into Chair Jerome Powell, centering on his June congressional testimony about a renovation project at the Fed’s headquarters and triggering fears of political interference in central bank independence.

Powell, in a public statement, described the subpoenas -- and threats of criminal indictment -- as “pretexts” for exerting pressure on the Fed to alter its interest-rate policy, and reaffirmed the central bank’s commitment to setting policy based on economic conditions rather than political influence.

The U.S. Consumer Price Index (CPI) data was due later Tuesday, with markets bracing for the inflation report to provide fresh signals on whether the Federal Reserve is likely to cut interest rates in 2026.

Metal markets remain supported

Silver prices also hit record highs in the previous session. Silver prices were largely unchanged at $84.94/oz on Tuesday after hitting a record high of $86.22/oz on Monday.

Platinum prices fell 1.4% to $2,310.09/oz after gaining more than 3% in the previous session.

Benchmark Copper Futures on the London Metal Exchange slipped 0.6% to $13,089.20 a ton, while U.S. Copper Futures dipped 0.3% to $5.99 a pound.

Both contracts saw sharp gains on Monday and remained near all-time highs touched last week.

Gold prices jumped to a record high in Asian trading on Monday, as escalating unrest in Iran, mounting political pressure on the U.S. Federal Reserve, and weaker U.S. jobs data boosted demand for safe-haven assets.

Spot gold rose as much as 2% to a record peak of $4,601.17 an ounce. It was last up 1.4% at $4,574.85/oz by 01:59 ET (06:59 GMT).

U.S. Gold Futures advanced as much as 2.5% to $4,612.04/oz.

Other precious and industrial metals also posted strong gains, with silver scaling a record high while platinum and copper hovered near their respective peaks.

Gold climbed over 4% last week, mainly due to haven demand after U.S.-Venezuela tensions erupted.

Deadly protests in Iran boost safe-haven appeal

Safe-haven demand was fuelled by deepening turmoil in Iran, where unrest linked to anti-government protests has killed more than 500 people, according to reports.

Tensions escalated after Tehran warned it could target U.S. military bases if President Donald Trump intervenes on behalf of protesters, raising fears of a broader regional conflict.

"We are looking at it very seriously. The military is looking at it, and we’re looking at some very strong options,” Trump told reporters on Sunday.

US DOJ serves Fed with subpoenas

Gold was further supported by political uncertainty in Washington after the U.S. Justice Department threatened the Federal Reserve with a possible criminal indictment.

Federal Reserve Chair Jerome Powell said the central bank has been served with grand jury subpoenas over his Senate testimony, a move that has unsettled markets and revived concerns about the independence of the central bank.

The developments pressured the U.S. dollar, making gold cheaper for holders of other currencies and adding momentum to the rally.

Economic data also played a key role in lifting bullion. On Friday, U.S. government data showed nonfarm payrolls increased by 50,000 jobs in December, missing expectations for a 66,000 rise, while the unemployment rate edged down to 4.4%, below forecasts of 4.5%.

The softer jobs data reinforced signs of a cooling labour market and strengthened bets that the Federal Reserve may further ease monetary policy in 2026.

Metal markets upbeat; silver hits all-time high

Silver prices surged over 5% to hit a new record high of $84.58/oz, while platinum advanced 4% to $2,382.4/oz, nearing record highs hit last month.

Benchmark Copper Futures on the London Metal Exchange rose 1.5% to $13,194.25 a ton, hovering near the record peak of $13,390.0 per ton reached last week.

U.S. Copper Futures jumped 2% to $6.01 a pound, just below an all-time high of 6.11 per pound.

 Gold prices were largely steady in Asian trading on Friday as investors adopted a cautious stance ahead of key U.S. jobs data due later in the day, while bullion remained on track for weekly gains underpinned by U.S.-Venezuela tensions.

Spot gold was largely flat at $4,474.20 an ounce by 02:06 ET (07:06 GMT). U.S. Gold Futures slipped 0.3% to $4,483.60.

Gold was set for a weekly gain of more than 3%, having surged at the start of the week after the U.S. launched a military operation in Venezuela and captured President Nicolas Maduro.

US jobs data awaited; dollar at 1-mth high

The yellow metal was pressured by a firmer U.S. dollar, with the US Dollar Index touching a one-month high. A stronger dollar typically weighs on gold by making it more expensive for buyers using other currencies.

Markets awaited the U.S. nonfarm payrolls report for fresh clues on the health of the labour market and the Federal Reserve’s policy path. The data could influence the timing and scale of future rate cuts, keeping traders reluctant to take large positions ahead of the release.

Traders are increasingly pricing in two additional U.S. interest rate cuts in 2026 following the Federal Reserve’s rate reduction in December.

Lower interest rates tend to enhance gold’s appeal, as the metal does not offer a yield and competes more favourably when borrowing costs fall.

Gold supported by geopolitical tensions

Lingering U.S.-Venezuela tensions have supported demand for safe-haven assets, sending gold sharply higher at the start of the week before prices consolidated in subsequent sessions.

Developments in Washington remained in focus. The U.S. Senate voted to advance measures aimed at curbing further military action in Venezuela.

President Donald Trump, however, said U.S. oversight of the situation in Venezuela could last for years, underscoring the risk of a prolonged geopolitical standoff that could continue to support bullion.

Metal markets rise, palladium jumps

Other precious and industrial metals traded higher on Friday.

Silver prices gained 0.4% to $77.23 per ounce, while platinum also advanced 0.4% to $2,275.60/oz.

Palladium prices jumped 5% $1,872.50/oz.

Benchmark Copper Futures on the London Metal Exchange rose 1.3% to $12,867.20 a ton, while U.S. Copper Futures climbed 1% to $5.86 a pound.

 U.S. stock index futures moved lower on Thursday, as investors turned cautious in the run up to Friday’s crucial nonfarm payrolls, while defense companies advanced after President Donald Trump called for a $1.5 trillion military budget.

Trump said that the 2027 U.S. military budget should be $1.5 trillion, significantly higher than the $901 billion approved by Congress for 2026.

RTX gained 4.9%, Lockheed Martin was up 7.2%, Northrop Grumman inched 7.5% higher and Kratos Defense advanced 7.1%.

Investors looked past Trump’s vow to block defence contractors from paying dividends or buying back shares until they speed up weapons production.

The move comes days after U.S. military forces captured Venezuelan President Nicolas Maduro. The White House said on Tuesday that Trump was also discussing options for acquiring Greenland.

"While details are unclear and implementation cumbersome, a move towards more government intervention would create uncertainty and add to some risk premium in the markets," said Mohit Kumar, an economist at Jefferies.

"We still remain constructive on the market but acknowledge the episodes of volatility which can follow Trump tweets. So far market has ignored geopolitical risks and focused on the fundamentals."

At 05:08 a.m. ET, Dow E-minis were down 146 points, or 0.30%, S&P 500 E-minis were down 15.5 points, or 0.22% and Nasdaq 100 E-minis were down 80.25 points, or 0.31%.

The S&P 500 and the Dow ended Wednesday lower after hitting record highs earlier in the session as banks retreated from their peaks. The Dow marked its steepest one-day decline since November 18.

Meanwhile, artificial-intelligence stocks boosted the tech-heavy Nasdaq to its highest level since late October.

The focus this week will be on Friday’s crucial nonfarm payrolls report for December, which would be among the first reliable datasets after the longest U.S. shutdown in history.

Separate reports this week have pointed to a weak picture, with job openings dropping to a 14-month low, while hirings remained sluggish.

A weekly reading of jobless claims data is expected on Thursday.

Among other stocks, Applied Digital was up 7.4% in premarket trading after the data center operator reported second-quarter revenue above Wall Street estimates on Wednesday.

Constellation Brands was up 2.3% after reporting third-quarter sales and profit above Wall Street estimates on Wednesday.