Goldman Sachs predicts a rise in copper prices to a range of $10,500 to $11,500 per ton. The firm anticipates deficits of 180,000 tons in 2025 and 250,000 tons in 2026.

They expect copper prices to breach $10,500 per ton in the first quarter of 2026. However, the firm believes that the price will be limited to a maximum of $11,500 per ton.

Goldman Sachs sees a tightening copper market over the next two years, driven by growing shortages. The firm projects a supply gap of 180,000 tonnes in 2025, widening further to 250,000 tonnes in 2026. With demand still increasing, they believe this will lift prices above $10,500 per tonne by early 2026. That said, they don’t see prices climbing indefinitely, as they expect an upper boundary at $11,500 per tonne.

The forecast suggests that supply constraints will strengthen as production fails to keep up with consumption. Mining delays, lower ore grades, and limited expansion in output are all factors that could keep supply tight. At the same time, demand remains firm, particularly from sectors such as renewable energy and electric vehicles, both of which rely on copper for infrastructure.

Given these conditions, short-term price moves may be more volatile as traders adjust to shifting expectations. Sudden changes in supply forecasts or economic data could push prices higher or lower in a short period. Longer-term investors may position themselves in anticipation of supply deficits supporting higher prices, but not exceeding the levels outlined by the bank.

Market participants should also watch for policy shifts that might influence demand. Any government initiatives related to infrastructure, energy transition, or trade restrictions could add support to the bullish outlook. On the other hand, signs of economic slowdown might lead to temporary pullbacks.

While some might expect prices to overshoot, Goldman Sachs maintains that increases will remain contained within their projected range. If market conditions remain as expected, traders should see the price move towards the lower threshold before testing higher levels as shortages deepen.

Gold prices in the United Arab Emirates decreased on Tuesday, with the cost at 347.03 AED per gram, down from 348.44 AED on the previous day. The price for Gold per tola fell to 4,047.66 AED, from 4,064.09 AED the day before.

Current gold prices in AED include 3,470.30 AED for 10 grams and 10,793.77 AED for a troy ounce. Gold prices are adjusted from international prices to local currency and measurement, updated daily based on market rates.

Central banks are major gold holders and bought 1,136 tonnes worth around $70 billion in 2022, the highest annual purchase on record. Factors influencing gold prices include geopolitical instability, interest rates, and movements of the US Dollar.

Gold has dropped slightly in the United Arab Emirates since Monday, and if we look at both per gram and per tola prices, the downward movement is clearly visible. A shift of just over one dirham per gram may not seem much at first glance, but it can add up for larger volumes. At 10 grams, that’s around 10 dirhams less, and for a whole ounce, the adjustment means nearly 15 dirhams lower than the previous day.

The reason gold prices in the UAE move the way they do is not just down to international markets. Local adjustments are made based on exchange rates and small fluctuations in demand and supply. However, the broader trends are set by global factors. Central banks continue to be major buyers, with their stockpiling habit well established. In 2022 alone, these institutions picked up over a thousand tonnes of gold, and that level of demand plays a part in long-term pricing.

What really sways gold on any given day, though, is a combination of interest rates, geopolitical uncertainty, and, crucially, the US Dollar’s movement. When investors see greater risks in the economy, gold tends to do well. If central banks hold interest rates higher for longer, gold often faces pressure because other assets that offer interest look more attractive. And since gold is priced worldwide in US Dollars, when that currency rises against others, gold becomes more expensive internationally, sometimes pushing demand down.

For those involved in future contracts or gold-linked derivatives, keeping an eye on upcoming statements from policymakers will be necessary. Interest rate decisions remain one of the biggest forces in the gold market. If inflation pressures remain high, central banks may avoid rate cuts for longer than traders expect. That would mean gold might struggle to rise sharply. If central banks indicate they’re ready to ease policies sooner, gold could find stronger support.

In practical terms, traders who are active in gold options or futures need to consider volatility when making their next moves. With price shifts tied to central bank actions and currency changes, short-term strategies will require close attention to market news. Ensuring stop-losses are set wisely and keeping risk management tight will be necessary over the coming weeks. The trends seen so far suggest that any sudden changes in the price of gold will likely be guided by rate expectations and investor sentiment, more than just supply and demand alone.

Trump has announced plans to sign additional executive orders on Tuesday at 1500 US Eastern time. Earlier statements confirmed that tariffs on Canada and Mexico will proceed, and he expressed intentions to advance the Keystone XL pipeline project.

On February 4, Trump signed an executive order regarding Iran, further shaping his administration’s foreign policy. These developments reflect ongoing actions in the political landscape as decisions continue to unfold.

These executive orders demonstrate a continuation of the policies that Donald set in motion during his campaign. By moving forward with tariffs on Canada and Mexico, he reinforces a stance on trade that prioritises domestic industries over previous agreements. This decision is not isolated. It affects multiple industries and could lead to reactions from the affected countries, particularly in manufacturing and agriculture.

The Keystone XL pipeline announcement signals further support for fossil fuel infrastructure. This decision follows years of regulatory hurdles and debate, and it underlines a shift towards policies that favour domestic energy projects. Market participants should recognise the direct effects this could have on energy prices, production levels, and supply chain adjustments.

The executive order on Iran, signed on February 4, fits into broader foreign policy shifts. Given the nature of previous measures against the country, this introduces new elements for those monitoring geopolitical influence on markets. It is not a standalone action. It aligns with earlier rhetoric and policy directions that suggest further restrictions or responses. The consequences of such a move could extend beyond immediate diplomatic tensions, affecting energy markets and financial instruments tied to them.

With the upcoming announcements scheduled for Tuesday at 1500 US Eastern time, additional changes are expected. These are not routine legislative measures but direct actions that carry weight in multiple sectors. Those tracking policy changes should remain attentive to any further movements in trade, energy, and foreign relations. Understanding these connections allows for better judgement of potential shifts ahead.

Gold prices in India fell on Tuesday, with the price per gram at 8,205.23 Indian Rupees (INR), down from 8,238.38 INR the previous day. The price per tola decreased to 95,704.90 INR from 96,090.80 INR.

Current prices for gold in various units are as follows: 1 gram at 8,205.23 INR, 10 grams at 82,053.46 INR, and a troy ounce at 255,209.80 INR. Prices are updated daily based on market conditions.

Central banks, particularly from emerging economies, have been increasing their gold reserves, with a record addition of 1,136 tonnes in 2022. Various factors influence gold prices, including geopolitical instability, interest rates, and the performance of the US Dollar.

The drop in gold prices this Tuesday, though not drastic, does reflect the overall pressure on the market. A gram of gold now sits at 8,205.23 INR, lower than Monday’s 8,238.38 INR, while a tola follows suit, moving from 96,090.80 INR to 95,704.90 INR. This is the result of several forces at play, ones that those trading derivatives will need to keep in mind in the coming weeks.

We are seeing central banks, particularly those from emerging markets, actively increasing their gold reserves. This accumulation has not been minor—1,136 tonnes were added in 2022 alone. This matters because it introduces a consistent source of demand, underpinning prices even when other market forces apply downward pressure. Yet, traders cannot rely solely on this trend.

Geopolitics remains one of the larger factors driving prices. Tensions between major economies and ongoing conflicts create moments of sharp upward movement. If these geopolitical risks continue, gold will likely see more periods of strength, but the timing of such surges is never predictable. Traders should remain aware of any shifts in international relations that could alter investor sentiment. Staying ahead of such movements could provide an edge.

Then there’s the role of interest rates. When rates rise, holding gold—an asset that generates no yield—becomes less appealing. This puts downward pressure on its price. If inflation data or central bank policy hints at tighter monetary conditions, gold could experience further declines, creating trading opportunities. But when conditions soften and expectations turn towards rate cuts, we could see a reversal.

The US Dollar’s strength also plays a part. A stronger dollar typically dampens demand for gold, making it more expensive for those holding other currencies. If the dollar remains strong, gold prices may stay subdued, but any signs of weakness in the greenback might support a recovery.

With prices updated daily to reflect market conditions, short-term price movements will remain fluid. This shouldn’t come as a surprise, given the multiple forces shaping the market. As traders, it will be necessary to track all these drivers—geopolitical developments, interest rate expectations, and currency fluctuations. Each one could shift price action in the days ahead.

Trump expressed a desire for the Keystone XL pipeline to be constructed, urging the company responsible to return to the United States for this purpose.

He indicated that easy approvals could facilitate an almost immediate start to the project.

Furthermore, he mentioned that if the original company is unwilling to proceed, an alternative pipeline company could take on the project.

Trump reiterated his stance on the Keystone XL pipeline in his recent social media post.

Donald’s statement reaffirms his long-standing interest in seeing Keystone XL built, emphasising that approvals would not be an obstacle should the project be revived. By encouraging the company to return and highlighting the ease of restarting construction, he suggests a more accommodating regulatory approach under his leadership. If the original developer hesitates, he is open to another firm stepping in to take over.

This stance signals a potential shift in expectations for those tracking energy markets. Policy direction, or at least sentiment from influential figures, plays a role in shaping industry confidence. Even the notion of approvals becoming easier can alter forward-looking assessments. Whenever a high-profile figure speaks about a project that was previously halted, discussions tend to follow. Questions arise about feasibility, financing, and whether market conditions align with renewed interest.

Near-term considerations will focus on how this affects sentiment surrounding domestic energy infrastructure. Conversations may emerge around what logistical challenges a new or returning firm would face. Infrastructure development does not resume overnight, even with a friendlier policy backdrop. Potential obstacles such as securing materials, workforce availability, and state-level requirements remain part of the broader equation.

There is also the matter of competition. If alternative firms sense an opportunity, discussions could follow about how realistic it is for another player to step in. Those watching pipeline developments will recognise that financing, permits, and long-term contracts are not arranged instantaneously. Even with a smoother regulatory setting, market conditions remain central.

One must consider how energy markets react to such statements. If infrastructure concerns ease, expectations around supply can shift. Any suggestion that an abandoned project could be revived may lead to fresh speculation on transport capacity. Those following this space will likely keep a close eye on whether industry participants acknowledge or dismiss what Donald has put forward.

From a broader perspective, infrastructure expansion—or even the perception that it might return—often leads to adjustments in outlooks. Some will re-evaluate existing positions, while others will look for concrete developments before acting. It remains to be seen whether statements alone translate into actual movement. However, when a matter this prominent resurfaces, it does not go unnoticed.

The GBP/USD pair is currently operating within an ascending channel, trading around 1.2630. Immediate resistance is noted at 1.2690, with primary support identified at the nine-day EMA of 1.2597.

The pair shows a bullish trend, supported by the 14-day Relative Strength Index (RSI) above the 50 mark. This suggests a robust short-term price momentum, as the pair stays above the nine- and 14-day Exponential Moving Averages (EMAs).

If the pair surpasses 1.2811, it could reach the upper boundary of the channel at 1.2960. Conversely, a drop below the nine-day EMA may indicate a weakness, bringing the price closer to 1.2490.

The British Pound has also demonstrated strength against other major currencies, particularly the Japanese Yen.

From what we see, the pound is maintaining an upward trend, with price action hinting at sustained momentum. The fact that it remains within this ascending range tells us that buyers are still in control, at least for now. The resistance at 1.2690 is a key level to watch, as breaking beyond this would suggest confidence among traders, potentially setting the stage for a push towards 1.2811. If that hurdle is cleared, there’s little in the way before the upper boundary near 1.2960.

Looking at the nine-day EMA at 1.2597, this is the first test of the trend’s strength. Holding above this line signals resilience, while dipping beneath it would be an early warning of fading momentum. Should that happen, attention would need to shift towards 1.2490, which stands as the next possible stopping point.

Technical indicators are still giving the edge to the buyers. The RSI sitting above 50 points to a continued bullish bias, reinforcing what we observe in price behaviour. The short-term EMAs are acting as a guide, keeping the pair propped up, and offering levels that traders can use to measure shifts in sentiment.

Beyond its performance against the US dollar, sterling has also been proving itself elsewhere, particularly against the yen. This hints at underlying strength that isn’t isolated to a single pairing, suggesting broader support in favour of the pound.

Over the coming weeks, holding above these EMAs should keep traders leaning towards the buy side, but any move below the nine-day EMA could force a reassessment. Watching for a test of resistance, alongside how the pair behaves near support markers, will be key in determining whether this momentum holds or starts to fade. All of this points to a market where traders should stay agile and ready to adjust based on where price action takes us next.

The Bank of Korea has reduced its benchmark interest rate by 25 basis points to 2.75%, down from 3%.

Future forecasts indicate a GDP growth of 1.5% for 2025 and 1.8% for 2026.

Inflation predictions remain consistent, with a forecasted rate of 1.9% for both 2025 and 2026.

Further updates are expected.

This decision to lower rates suggests that policymakers are prioritising economic stimulation. A reduction of 25 basis points, bringing the benchmark rate to 2.75%, likely signals an effort to support borrowing and investment. The move could be a reaction to slower growth projections, with GDP expected to expand by only 1.5% next year and 1.8% the year after. These figures indicate that demand-side pressures remain subdued, which aligns with inflation projections holding firm at 1.9% over the same period.

Given the latest data, short-term yield expectations may require reassessment. A lower benchmark rate typically exerts downward pressure on bond yields, affecting pricing across various instruments. In environments like this, rate-sensitive assets tend to gain appeal, while currency valuations may shift depending on external demand and capital flows. Stability in inflation forecasts provides some clarity, though real interest rates remain a key variable when assessing forward-looking positions.

Beyond immediate adjustments, the direction of future policy moves becomes an essential factor. If growth remains muted, additional cuts could still be on the table, depending on how inflation trends respond. Conversely, should external conditions change, tightening cannot be dismissed outright. Those engaged in rate-driven strategies must weigh both possibilities while watching for any signs of divergence from the Bank of Korea’s stated outlook.

Further policy decisions will depend on upcoming macroeconomic data. Inflation staying at projected levels suggests controlled pricing pressures, but an unexpected rise in external costs could challenge this stability. Trade balances, employment figures, and global central bank actions will further shape expectations in the weeks ahead.

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Bank of Korea (BoK) Governor Rhee Chang-yong outlined the factors behind the recent interest rate cut during a post-policy meeting. The BoK unanimously decided to lower the policy rate by 25 basis points to 2.75%.

The bank also decreased interest rates for its special loan programme. Currently, four board members suggest maintaining rates for three months, while two believe further cuts are possible. The BoK revised its growth forecast down to 1.5% from 1.9%, keeping inflation expectations at 1.9% for this year and the next.

Consumer sentiment has worsened, and the construction sector shows weak performance. The US Dollar-Won exchange rate reflected market reactions, initially testing support at 1,428 before recovering to 1,429.93.

Rhee highlighted several reasons for the interest rate reduction, with economic weakness being a primary concern. The decision to lower rates was unanimous, reinforcing the view that policymakers see downside risks outweighing inflation pressures for now. By also cutting interest rates on the special loan programme, the central bank aims to support borrowing activity and ease financial conditions further.

Among the board members, there is a split in expectations for the coming months. Most prefer to keep rates steady in the short term, suggesting a wait-and-see approach to assess the effects of this adjustment. However, two believe additional rate reductions could be needed, which signals a possible divergence in views if data worsens. Gross domestic product forecasts have been trimmed, and with consumer sentiment declining already, concerns around domestic demand persist. Inflation, meanwhile, is expected to remain unchanged from previous estimates, which might give the bank some room to manoeuvre.

There are also broader implications for markets. The reaction in the foreign exchange market was swift, with the Dollar-Won pair testing a key support level before bouncing back. This suggests traders initially anticipated a weaker currency following the rate cut but later reassessed the impact. If bond yields adjust downward in response to lower borrowing costs, funds could shift accordingly.

For derivative traders, this shift in policy provides both new opportunities and risks. With rate expectations now adjusted, it becomes necessary to watch for incoming economic data that could influence the next move. If further cuts become a stronger possibility, yield curves may reflect rising expectations of a looser stance. On the other hand, if stability holds and inflation ticks higher, pricing may shift in a different direction.

With construction showing further softness and consumer confidence weakening, market positioning may tilt towards safer assets in the near term. However, should external factors such as central bank actions elsewhere influence capital flows, volatility could persist.

In coming weeks, watching for signals from policymakers will be important. Should further divisions emerge among board members, pricing in fixed-income markets could adjust accordingly. Additionally, movements in the exchange rate will reflect both domestic policy shifts and external market forces, which remain key to short-term positioning.

The USD/JPY exchange rate has risen above 150.00. Despite a lack of new developments or data contributing to the yen’s decline, the currency remains volatile.

Recent data, such as Japan’s Producer Price Index (PPI) Services for January, showed an increase of 3.1% year-on-year, matching expectations. Nevertheless, the dollar is encountering resistance nearby at around 150.50.

This movement suggests traders are closely monitoring the yen’s behaviour, with attention on potential interventions. Authorities in Japan have remained cautious, avoiding direct confirmation of any market actions, though history suggests they may step in if volatility worsens. The previous instances of intervention occurred when the exchange rate moved further beyond psychological thresholds, though timing remains unpredictable.

Although the dollar is currently facing difficulty surpassing 150.50, sustained pressure could prompt a breakout. Market participants will be watching whether the pair consolidates at these levels or experiences a pullback. If the dollar weakens, it may trigger a sharper yen recovery; however, if support holds, upward momentum could persist.

Shifting to external factors, US economic indicators continue to influence sentiment. Any adjustment in expectations regarding Federal Reserve policy could sway the direction of the pair, with inflation data and labour market reports playing a role. At the same time, shifts in risk appetite, particularly related to bond yields, could affect demand for the yen. Safe-haven flows become relevant if global uncertainty rises, making rapid moves in the exchange rate more likely.

On Japan’s side, the Bank of Japan’s stance remains an area of speculation. Officials have maintained accommodative policy settings, but discussions around a future exit persist. Traders are aware that even small adjustments in rhetoric could impact positioning, particularly given the currency’s sensitivity to interest rate expectations.

With these elements in play, we see a scenario where sudden changes in sentiment could lead to sharp price movements. The inability of the pair to break decisively in one direction signals hesitation, though prolonged pressure could force a reassessment. Watching key levels, central bank signals, and broader market reactions will be essential in gauging near-term positioning shifts.