Gold, copper, and silver pushed to new all-time highs as the US dollar softened and geopolitical tensions intensified, adding fresh fuel to an already historic commodities rally. Gold rose about 2.5% to around $5,555 an ounce, taking its monthly gain to roughly 28%. Silver continued its strong run, extending this year’s advance to about 65% after a massive jump in 2025. Copper climbed roughly 5% on the London Metal Exchange, and Brent crude reached its highest level since September. With these assets priced in dollars, the weaker greenback amplified the move.
Bond markets reacted too. US Treasuries fell as investors worried that surging commodity prices could keep inflation sticky. Risk sentiment was also pressured by comments from US President Donald Trump, who warned Iran to reach a nuclear agreement with the US or face strikes he said would be far more severe than last June’s attack.
Equities were mixed. Asian stocks edged higher, and futures for US and European indices were slightly positive, helped by earnings from large tech companies. Still, the overall tone remained cautious as investors weighed uneven results and growing debate over the scale and payoff of AI investment.
Market participants noted that uncertainty in rates and currencies is rising, with multiple political and macro headlines keeping investors in “wait-and-see” mode. That backdrop also strengthened demand for traditional safe-haven assets, reinforcing the bid in precious metals. Strategists warned, however, that such rapid gains in gold and silver can become vulnerable to sharp reversals if momentum breaks.
The broad dollar index fell about 0.3%, continuing a weak stretch that put it on track for its worst month since April. In company news, late trading saw Tesla and Meta shares rise, while Microsoft declined after its results. Elsewhere, Indonesian stocks sold off for a second day and briefly triggered a trading halt as investors remained wary of downgrade risks and transparency concerns highlighted by a major index provider.
Navigate the trading markets and Discover a world of opportunities.
Bullwaves is a trading name of Equitex Capital Limited (Registration No. 8434948-1), a company authorized and regulated by the Financial Services Authority (the "FSA", licence no. SD185) with legal registered address in CT House, office number 9A, Providence, Mahe, Seychelles and physical address in Office No. Al9C, Providence Complex, Providence, Mahe, Seychelles.
ETX Services Limited with company registration number HE455407, a company registered in Cyprus with registered address Archiepiskopou Makariou lll 160, 3026 Limassol is appointed as Independent Representative and Distributor.
ETX Services Ltd is not the Licensed Entity in the EU but only acts as the Service entity for Equitex Capital Ltd.
Risk Disclaimer:
Over-the-counter derivatives are complex instruments and come with a high risk of losing your initial capital rapidly due to leverage. You should consider whether you understand how over-the-counter derivatives work and whether you can afford to take the high level of risk to your capital. Investing in over-the-counter derivatives carries significant risks and is not suitable for all investors.
When acquiring our derivative products you have no entitlement, right or obligation to the underlying financial asset. Equitex is not a financial advisor and all services are provided on an execution only basis. Information is of a general nature only and does not consider your financial objectives, needs or personal circumstances. Important legal documents in relation to our products and services are available on our website. You should read and understand these documents before applying for any Bullwaves products or services and obtain independent professional advice as necessary.
Regional Restrictions:
The information or services described on this website is not directed at or offered to residents of Belgium, Israel, Iran, Maldives, North Korea, United States, Afghanistan, Belarus, Central African Republic, China, Iran, Russia, Cuba, Libya, Nicaragua, Palestinian Authority/Gaza/West Bank, Venezuela and to jurisdictions on the FATF and EU/UN sanctions lists or any other person in any jurisdiction where such distribution or use would be contrary to local laws or regulations. For more information please contact our support. Clients who onboarded via www.bullwaves.com can contact our support team at support@bullwaves.com.For complaints please email us at compliance@bullwaves.com
For complaints please email us at compliance@bullwaves.com