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Precious metals, oil slide as global tensions ease; copper down

World News

05-02-2026 | 03:41

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Precious metals, oil slide as global tensions ease; copper down

Prices of commodities, from silver and gold to crude oil and copper, dived on Thursday, as global tensions eased after a telephone call between the leaders of China and the United States, which is also set for talks with Iran this week.

Silver plunged almost 15% while gold, crude oil and copper fell about 2% as investors pared positions on a strengthening U.S. dollar, in which all commodities are priced.

"We saw extreme volatility in precious metals and other commodities this week, and what we are witnessing today are some aftershocks," said Tony Sycamore, an analyst at broker IG.

"Talks between Iran and the United States appear to be back on track, which has removed some of the geopolitical premium from commodity markets, particularly oil," he added.

Reuters

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