Gold surges as Trump questions US Fed independence, copper stays resilient as Chinese consumers buy the dip, and oil prices rebound on possible US-China trade talks.
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Gold
Bullish Gold touched US$3500 per ounce after Trump questioned the independence of the US Federal Reserve.1 Investors ran to safe haven assets following repeated calls by Trump for the Fed to cut interest rates. There were also reports the President may be studying the legality of firing Fed Chair Jerome Powell.
Bearish Chinese first quarter gold consumption dipped in Q1 despite record investment demand.2 Gold consumption, which measures demand for gold jewellery, fell 5.96% YoY in China as buyers balked at all-time high prices. Gold gave back some gains as US-China tensions appeared to ease.3 Despite denials by the Chinese government, US President Trump claims the two countries are in discussion over a possible trade deal to lower tariffs.
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Copper
Bullish Chinese buyers snapped up copper in opportunistic buying after the metal crashed on trade war risks.4 Shanghai futures exchange stockpiles of the industrial metal fell by 96,000 tonnes MTD to the lowest since February 2025. Fluctuations in SHFE warehouse supplies are commonly used as a sign of domestic consumer demand. Teck Resources, one of the world’s largest copper miners, beat earnings expectations on all fronts despite economic slowdown.5 The company’s first-quarter copper sales volume rose 11% YoY, meanwhile revenue rose to C$2.3 billion, up from C$1.62 billion in 2024.
Bearish The International Monetary Fund has cut global GDP growth again, as tariff effects kick in.6 The IMF now expects just 2.8% global GDP growth this year, marking a 0.5% reduction from its prediction made in January. Copper is a marker of global economic health and may underperform on slower growth.
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Crude Oil
Bullish Oil prices rebounded as remarks from Washington and Beijing suggested cooling tensions in the cross-Pacific trade war.7 The recovery comes as some optimism around potential trade deals, with President Trump hinting at an opening of tariff and trade talks between the world’s two largest economies.
Bearish The Trump Administration is pushing the International Energy Agency (IEA) to stop promotion of renewable energy sources and reduce focus on energy transition.8 The US provides roughly a quarter of the IEA’s funding, and has significant sway over the organisation.
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Forecasts are not guaranteed and undue reliance should not be placed on them. This information is based on views held by Global X as at 29/04/2025. Investing involves risk, including the possible loss of principal. Diversification does not ensure a profit nor guarantee against a loss.
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This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. This information is not intended to be individual or personalised investment or tax advice and should not be used for trading purposes. Please consult a financial advisor or tax professional for more information regarding your investment and/or tax situation.
