Precious metals traded mixed but largely positive on January 2, with Gold, Silver, and Platinum extending their upward momentum, while Copper came under pressure amid short-term demand concerns.
Gold prices rose 0.28% to $4,332 per ounce, supported by safe-haven buying and a softer near-term outlook for global growth. Despite a 4.4% weekly decline, gold remains firmly in an uptrend, posting an impressive 64.2% year-on-year gain, underscoring its continued appeal as an inflation hedge and portfolio stabilizer.
Silver outperformed, jumping 1.89% to $72.62 per ounce, aided by strong industrial demand expectations and investor interest. On a monthly basis, silver has surged 24.17%, while its year-on-year gain of 145.27% makes it one of the best-performing commodities globally.
Platinum saw the sharpest daily rally, rising 4.21% to $2,142.50 per ounce. Although weekly prices remain under pressure, platinum has delivered a robust 28.28% monthly gain and an eye-catching 129.86% year-on-year rise, driven by supply constraints and renewed automotive sector demand.
In contrast, Copper slipped 1.02% to $5.65 per pound, reflecting short-term weakness in construction and manufacturing demand. Still, copper remains resilient on a longer horizon, with a 39.93% YoY increase, supported by energy transition and electrification themes.
Among industrial metals, HRC Steel edged up 0.54% to $937 per tonne, while Iron Ore held steady at $107.17 per tonne, showing marginal daily gains but limited momentum amid mixed signals from China’s steel sector.
