Gold, silver, copper and oil prices hit new highs

In the global commodities market, gold, silver, and copper futures prices all hit new highs, while oil prices also rose. Increased vigilance regarding potential US military action against Iran fueled buying interest.

Gold Futures Experience Sharp Fluctuations

On January 29th, gold, silver, and copper prices all reached new highs. In the New York futures market (the most active contract), gold prices rose $280 from the previous day’s close, reaching $5626 per ounce.

Silver prices rose more than $8 (7%), reaching $121 per ounce. The three-month copper futures contract on the London Metal Exchange (LME), an international benchmark, also reached $14,527 per tonne on January 29th (New York time), an increase of more than $1400 (11%) from the previous day.

However, gold, silver, and copper also experienced a sharp drop on January 29th, with gold falling by more than $200 from the previous day. Some analysts believe that due to the recent gains, some investors took profits and sold gold to cover losses from the sharp decline in some US technology stocks.

On January 29th, crude oil prices also rose, reaching a new high since September 2025. West Texas Intermediate (WTI) crude oil futures, a benchmark for US crude, rose to $66 per barrel at one point, while Brent crude, a benchmark for European crude, also rose to $71 per barrel.

The market views military action against Iran as a “real risk.”

Due to high geopolitical risks, funds continue to flow into gold, considered a safe-haven asset. With escalating concerns about the deteriorating situation in Iran, this inflow has accelerated further. The targets of purchases have expanded from high-priced gold to silver and copper.

A geopolitical analyst at European research firm Rystad Energy stated, “The market views US military action against Iran as a real risk.” Although statements such as Trump’s high tariff policies are often retracted, he cited the June 2025 attacks on Iran and the January attacks on Venezuela as examples, stating that “there is a possibility that military threats could be turned into action.”

The dollar’s depreciation to a four-year low has spurred overseas investor buying.

The dollar index is hovering near its lowest level in about four years, and its depreciation is one of the reasons for rising commodity prices. On January 28, Morgan Stanley’s Amy Gower told CNBC, “Although commodity prices are denominated in dollars, most demand is outside the US. Therefore, the dollar’s depreciation has played a significant role.”

Gold, silver, and copper prices are likely to continue rising. David Rosenberg, founder of Rosenberg Research, said, “Gold and silver are not surprising given the recent excessive price increases. But the optimistic outlook remains unchanged.”

Regarding the outlook for copper prices, Bank of America commodity strategist Michael Widmer said that supply shortages are supporting price increases. His analysis states, “Based on the latest guidance from major resource companies, copper supply is expected to decrease by about 200,000 tons in 2026. The expectation of a supply shortage has strengthened.”