Gold (XAU/USD) edges higher on Thursday, reclaiming the key $4,000 psychological mark as the US Dollar (USD) softens. At the time of writing, XAU/USD is trading around $4,016, extending gains for the second consecutive day, up nearly 0.80%.
Silver (XAG/USD) extends its recovery for the third consecutive session on Thursday, trading near $48.70, up nearly 2.40% on the day, as buyers return after defending the $45.00-$46.00 demand zone.
By all accounts, industrial demand has not been the driver of the strength in industrial metal prices — supply-demand balances won't help you explain the cross-section of base metal returns this year, TDS' Senior Commodity Strategist Daniel Ghali notes.