Gold prices remained stable on Wednesday as investors assessed the potential impact of U.S. trade tariffs and global economic signals. Spot gold was steady at $2,916.06 per ounce, while April gold futures rose 0.4% to $2,929.74 per ounce. The metal had hit a record high of $2,956.37 earlier this month amid growing geopolitical concerns.
Meanwhile, copper prices surged due to a significant power outage in Chile, the world’s leading copper supplier. The blackout affected over 90% of the country, disrupting major mining operations, including those of state-owned Codelco. The resulting fears of supply shortages drove copper prices higher, with London Metal Exchange futures rising 0.8% to $9,486.05 per ton.
Despite concerns over potential U.S. tariffs on copper imports, supply-side disruptions appear to be the dominant market driver. Analysts note that any trade barriers imposed by the U.S. could have longer-term consequences, but the immediate focus remains on Chile’s ability to restore full mining operations.
Adding to the uncertainty, a weaker U.S. dollar provided further support to commodity prices, making gold and copper more attractive to international investors.
