Global commodities extended their record-breaking rally as gold, copper, and silver surged to all-time highs, fueled by a weaker U.S. dollar and rising geopolitical tensions.
Gold climbed 2.3% to $5,540 an ounce, bringing this month’s gain to roughly 30%, while silver extended its 2026 advance to 64%, following a 148% surge in 2025. Copper jumped 5% on the London Metal Exchange, and Brent crude reached its highest level since September.
All these commodities are priced in dollars, meaning they benefited from the greenback’s decline. Meanwhile, U.S. Treasuries fell, reflecting concerns that rising commodity prices could stoke inflation.
Adding to market volatility, President Donald Trump warned Iran to comply with a nuclear deal or face military strikes even more severe than last June’s action.
Equities were mixed, with megacap tech earnings failing to provide clear direction. Analyst Hebe Chen of Vantage Markets noted:
“Global markets are trading with a clear lack of conviction. Rising geopolitical tensions around Iran and a volatile US dollar are adding to the sense that macro risks remain unresolved, keeping investors in a cautious, wait-and-see mode.”
Investors continue to weigh risks from inflation, commodities, and geopolitical uncertainty, keeping markets on edge.
