Spot Gold Rises 0.7% to Close at $4,089.15 in New York Late Trading, While COMEX Copper Falls 3.47%

Global financial markets experienced significant volatility as precious metals and industrial commodities diverged sharply in response to macroeconomic developments and political shifts. According to data from Guandian Net, spot gold rallied during New York late trading, gaining 0.7% to settle at $4,089.15 per ounce, continuing a robust upward trajectory.

The surge in gold prices has been heavily influenced by recent political events, notably the outcomes and uncertainties surrounding the United States midterm elections. Major news outlets, including Xinhua Net and Sina Finance, reported that safe-haven demand drove gold prices sharply upward, with single-day gains exceeding $80 at times as investors sought shelter from broader market instabilities. Analysts are actively debating how far this current rebound can go, especially as international gold prices successfully breached key psychological milestones at the $4,000 and $4,100 thresholds.

In stark contrast, industrial commodities faced intense selling pressure. COMEX copper tumbled 3.47%, while crude oil prices plunged by over 8%, caught in a steep downward spiral amid shifting energy demand forecasts and economic growth concerns tied to the U.S. political landscape.

Market observers point out that the divergence between surging gold and plunging oil and industrial metals highlights a cautious sentiment among global investors. While safe-haven assets are benefiting from political and economic friction, growth-sensitive commodities are bearing the brunt of recalibrated market expectations.

Aggregated summary. Original: 观点网